Ethereum's recent modest price recovery is overshadowed by a broader bearish structure, according to on-chain analysis. A key metric, the Taker Buy Sell Ratio on Binance, has plummeted to 0.97—its lowest level since November 2025. This indicates that aggressive sellers are dominating the futures market, signaling a significant shift in trader sentiment rather than a temporary reaction. While this doesn't guarantee an immediate sell-off, it suggests bears are more likely to profit in the short term. The market remains highly unstable; a sell-off could occur if spot demand fails to absorb the selling pressure, but a short squeeze is also a possibility if demand suddenly returns. Ethereum's price, at $2,085 at the time of writing, could move in either direction with high momentum.