Seller pressure on Ethereum intensifies: weak demand blocks ETH recovery
The Ethereum market is once again flashing warning signs. Despite the Taker Buy/Sell Ratio on Binance holding above the 1.0 mark, the price of the second-largest cryptocurrency by market cap continues to ignore this seemingly bullish indicator. This divergence suggests that buying pressure is too weak to move the market off its dead point.
The key issue lies not in a lack of buy orders, but in their absorption. Large sellers, or "whales," are actively intercepting incoming orders, using short-term bounces to redistribute assets. The real inflow of fresh capital into the spot market remains minimal, depriving ETH of the necessary support for a sustained upward move.
Signal Divergence: A Bullish Indicator in a Bearish Context
Particular attention should be paid to the dynamics of the Fund Price indicator, which has been steadily declining since its April peak. This is direct evidence that appetite for long positions in the derivatives market is waning. Leveraged traders are reducing exposure, and the simultaneous decline in Fund Price and ETH price only reinforces the overall bearish trend.
Although the buy/sell ratio rose to 1.13, which under normal market conditions could have triggered a confident recovery, ETH's reaction was minimal. This indicates that sellers still dominate, and any bursts of buying activity are local in nature and quickly extinguished.
Technical Picture: Likelihood of Further Decline
From a technical standpoint, Ethereum continues to form a sequence of lower highs and update local lows. This is a classic downtrend structure. There are no signs yet of strong spot demand forming that could reverse the situation.
In this context, maintaining the Taker Buy/Sell Ratio above 1 should be seen not as the start of a new rally, but as a classic "dead cat bounce"—a temporary relief in a falling market. Until Fund Price turns upward and ETH price breaks the downtrend structure, any buyer activity will only serve as an opportunity for sellers to increase short positions.
Expert Commentary: The market is in a redistribution phase, where large players use any bounces to exit positions. Until we see a sustained rise in Fund Price and a confident breakout of key resistance levels, any attempt to buy ETH will carry high risk. Patience is the best strategy right now.