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ETH Bearish Momentum Started
May 9, 2025 | 12:42 GMT+4 | 5 min read
#Ethereum (ETH) appears to be entering a fresh bearish phase, as conflicting on-chain metrics create confusion in the crypto space. Despite a recent rally above $2,000, analysts warn the momentum could be stalling — and reversing — as retail #sell-offs clash with #whale accumulation.
Tug of War: Retail Panic vs. Whale Confidence
According to a CryptoQuant Quicktake post by analyst BorisVest, Ethereum is currently caught in a limbo state. While retail traders are increasingly sending ETH to exchanges like Binance — a known signal of selling pressure — whale wallets are steadily withdrawing ETH, signaling long-term accumulation and confidence.
It’s a classic divergence,” says BorisVest. “Retail traders are fearful and reactive. Whales are strategic and opportunistic.
Bearish Indicators Emerge
On-chain metrics from Binance are painting a mixed picture:
Mean exchange inflows have sharply risen since late 2024 — mirroring the patterns seen before major selloffs in 2022–2023.Mean exchange outflows, however, continue to climb too, mainly driven by whale wallets.
This conflict is creating a standoff in ETH price action, with the token struggling to hold above $1,966, and already showing a 5.3% intraday dip.
Funding Rates Signal Neutral Sentiment
BorisVest highlights that current funding rates are flat, meaning there’s no strong leverage-based conviction from bulls or bears. However, he warns that if funding turns negative and shorts increase, a short squeeze could surprise the market — but that scenario hasn’t materialized yet.
Taker Buy/Sell Ratio Stabilizing
Another important on-chain measure, the taker buy/sell ratio, is stabilizing after months of aggressive selling pressure. While this may indicate seller exhaustion, the absence of buying strength points to a fragile bullish narrative.
Is The Bull Run Dead?
Despite a golden cross flashing on the daily chart — typically a bullish indicator — many traders are pulling back due to uncertainty and past fake-outs. CoinCodex’s machine learning algorithm even predicts a potential crash back to $$ETH
#BearishTrend
“ETH is down 34.3% YoY. While the worst may be behind us, it’s too early to confirm a trend reversal,” BorisVest concludes.
Conclusion:
While Ethereum shows signs of long-term strength, short-term pressure from retail selling is too strong to ignore. Unless clear breakout signals or whale-driven rallies emerge, bearish momentum may dominate the coming weeks.
#Ethereum (ETH) appears to be entering a fresh bearish phase, as conflicting on-chain metrics create confusion in the crypto space. Despite a recent rally above $2,000, analysts warn the momentum could be stalling — and reversing — as retail #sell-offs clash with #whale accumulation.
Tug of War: Retail Panic vs. Whale Confidence
According to a CryptoQuant Quicktake post by analyst BorisVest, Ethereum is currently caught in a limbo state. While retail traders are increasingly sending ETH to exchanges like Binance — a known signal of selling pressure — whale wallets are steadily withdrawing ETH, signaling long-term accumulation and confidence.
It’s a classic divergence,” says BorisVest. “Retail traders are fearful and reactive. Whales are strategic and opportunistic.
Bearish Indicators Emerge
On-chain metrics from Binance are painting a mixed picture:
Mean exchange inflows have sharply risen since late 2024 — mirroring the patterns seen before major selloffs in 2022–2023.Mean exchange outflows, however, continue to climb too, mainly driven by whale wallets.
This conflict is creating a standoff in ETH price action, with the token struggling to hold above $1,966, and already showing a 5.3% intraday dip.
Funding Rates Signal Neutral Sentiment
BorisVest highlights that current funding rates are flat, meaning there’s no strong leverage-based conviction from bulls or bears. However, he warns that if funding turns negative and shorts increase, a short squeeze could surprise the market — but that scenario hasn’t materialized yet.
Taker Buy/Sell Ratio Stabilizing
Another important on-chain measure, the taker buy/sell ratio, is stabilizing after months of aggressive selling pressure. While this may indicate seller exhaustion, the absence of buying strength points to a fragile bullish narrative.
Is The Bull Run Dead?
Despite a golden cross flashing on the daily chart — typically a bullish indicator — many traders are pulling back due to uncertainty and past fake-outs. CoinCodex’s machine learning algorithm even predicts a potential crash back to $$ETH
#BearishTrend
“ETH is down 34.3% YoY. While the worst may be behind us, it’s too early to confirm a trend reversal,” BorisVest concludes.
Conclusion:
While Ethereum shows signs of long-term strength, short-term pressure from retail selling is too strong to ignore. Unless clear breakout signals or whale-driven rallies emerge, bearish momentum may dominate the coming weeks.
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