Ethereum Price Pulls Back Amid Bearish Sentiment

Ethereum's price has slipped below $1,900 after facing rejection near the $1,920 resistance, leading to a wave of bearish sentiment across the market.

According to Santiment data, the ratio of positive-to-negative Ethereum commentary has dropped to one of its lowest levels in recent weeks, which previously preceded a 14% rally on June 27 and a 7% advance on July 11.

The decline in exchange reserves suggests that investors are withdrawing Ethereum from exchanges rather than keeping it available for immediate selling.

Ethereum's Open Interest has started recovering after a sharp decline, indicating that traders are gradually returning to the derivatives market.