Ethereum Price Pulls Back Below $1,900 Amid Bearish Sentiment

The Ethereum (ETH) price has pulled back below $1,900 after facing resistance at $1,920.

This rejection triggered a bearish sentiment across the market, but according to Santiment, a similar pattern occurred in June and July, followed by rallies of 14% and 7%, respectively.

The accumulation narrative is still intact, with Ethereum's exchange reserves declining to 15.1 million ETH, down from over 21 million ETH a year ago.

This decline indicates that investors are moving their ETH into self-custody, staking protocols, or long-term investment wallets, reducing the liquid supply and creating a more favorable environment for price appreciation if demand strengthens.