Ethereum Traders are Giving Up Again. The Last Two Times ETH Rallied
Ethereum (ETH) social commentary has turned very bearish for the third time in a month, according to Santiment. Two previous low readings preceded price rebounds.
The reading comes as ETH trades near $1,854 and spot exchange-traded fund (ETF) demand strengthens. Santiment treats crowd pessimism as a contrarian marker.
Why Ethereum's Bearish Sentiment Matters
Santiment tracked the ratio of positive to negative Ethereum commentary across X, Reddit, Telegram, and other crypto channels. The reading fell to 1.089 on July 24, its third bearish extreme in a month.
The two earlier troughs arrived on June 27 and July 11. ETH gained 14% over the following 7 days and 7% over the next 4 days.
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Nonetheless, Santiment stopped short of calling a reversal.
"The bullish takeaway isn't that negative sentiment guarantees an instant reversal. It's that when traders are loudly giving up on Ethereum while ETF flows, L2 activity, and protocol upgrades remain active, the #2 market cap in crypto often gets a cleaner setup for a turn-aroundโฆ" the firm said.
โฆ Continue reading the full article at the original source below.
