PelinayPA
Bears Take Control of Ethereum
Although the Taker Buy/Sell Ratio Binance remains above 1, which is typically considered a bullish signal, the price is failing to reflect the same strength. This suggests that buying pressure is not strong enough to push ETH higher. Large sellers continue absorbing incoming buy orders, while genuine capital inflows into the spot market remain weak. Meanwhile, the Fund Price has been trending lower since peaking in April. This indicates that appetite for long positions in the derivatives market is fading, and leveraged traders are reducing their exposure. The simultaneous decline in both the Fund Price and ETH price reinforces the ongoing bearish trend. Despite the Taker Buy/Sell Ratio rising to 1.13, ETH has shown only a limited reaction. Under normal market conditions, such a reading would be expected to support a stronger price recovery. Instead, the muted response suggests that sell orders continue to outweigh aggressive buying, with whales likely using short-term rallies as opportunities to distribute their holdings. This type of divergence is more commonly associated with the continuation of a downtrend than the beginning of a sustained recovery. From a technical perspective, ETH continues to form lower highs, while new lows keep developing. This confirms that the broader bearish structure remains intact, and there is still no sign of strong spot demand. Overall, the probability of further downside remains higher than the likelihood of a sustained recovery. Unless the Fund Price begins to recover and ETH breaks its current downtrend, recent buying activity is more likely to represent a short term relief rally rather than the start of a new uptrend. The Taker Buy/Sell Ratio staying above 1 may therefore be interpreted as a dead cat bounce rather than a genuine bullish reversal.