Ethereum Price Forecast: ETH recovers $1,900 amid rising bearish dominance

Ethereum price today: $1,910

• Bearish dominance has risen across ETH perpetuals following a decline in the Net Taker Volume and Taker Buy Sell Ratio.
• On the spot side, whales have increased accumulation over the past two days.
• ETH has to clear the 100-day EMA and $1,961 resistance bands to reclaim the $2,000 psychological level.

Sentiment across Ethereum (ETH) derivatives has slightly slipped into negative territory over the past week.

The Ethereum Net Taker Volume, which measures the difference between the buying and selling volume of investors executing market orders in perpetual futures contracts, flipped negative over the past week after nearly a month in positive territory. The move signifies that the perpetual markets have tilted toward net selling.

Historically, negative values in the metric spur bearish positioning and price declines in ETH. The top altcoin declined by 52% and 33% after the metric flipped negative in January and May, respectively.

Similarly, the Taker Buy Sell Ratio, which measures the proportion of aggressive buying relative to aggressive selling volumes in perpetual markets, has moved toward selling dominance. Its 14-day moving average tilted toward bearish territory for the first time in two weeks, with a reading of 0.992 at the time of writing.

Its seven-day moving average declined to 0.974 on Monday, its lowest level since June 6, before recovering slightly to 0.994 at the time of writing.

On the spot side, whales have been scooping up ETH over the past two days. On Tuesday, a whale wallet 0x2e80 withdrew 19,000 ETH from Gemini and deployed it into staking contracts, according to smart money tracker Lookonchain. The wallet has withdrawn 112,000 ETH from Gemini and deployed it into staking contracts over the past three weeks.

Another notable whale wallet 0x2684 likely bought 3,960 ETH on Wednesday. The wallet has acquired 79,216 ETH at an average price of $1,777 since June 30, Lookonchain stated.

Meanwhile, US spot ETH exchange-traded funds (ETFs) saw $53.7 million in net inflows on Tuesday, per SoSoValue data.

Ethereum Price Forecast: ETH has to clear the 100-day EMA and $1,961 resistance to reclaim $2,000

Ethereum has seen $49.8 million in liquidations over the past 24 hours, driven by $40.7 million in short liquidations, according to Coinglass data.

ETH bounced near the tight 20-day and 50-day Exponential Moving Averages (EMAs) range between $1,874 and $1,854 and is testing the 100-day EMA resistance near $1,927.

The 14-day Relative Strength Index (RSI) near 57 and the Stochastic around 61 are both hinting at positive but not overextended momentum.

On the upside, a clear break above the 100-day EMA at $1,927 would open the way toward the next resistance at $1,961, ahead of more distant hurdles at $2,172 and $2,431.

On the downside, initial support is seen at the 20-day and 50-day EMAs. A deeper pullback below these levels would expose the horizontal support zone at $1,809, with further cushions at $1,701 and $1,507 if bearish pressure accelerates.

(The technical analysis of this story was written with the help of an AI tool. Know more.)