ETH, XRP Sentiment Turns Negative Amid Rising Fear

Crypto traders have become increasingly bearish on Ethereum and XRP in recent times. The market's sentiment has turned sharply negative as it heads into the fourth quarter.

According to Santiment, social media discussions around both altcoins are showing increasing pessimism. Ethereum currently has a sentiment ratio of 0.89 bullish comments for every bearish comment, its lowest since June 7. XRP's ratio is even lower at 0.67, its worst level since August 17.

Rising fear does not always mean prices will continue to fall. Santiment notes that heavy pessimism can sometimes create a potential opportunity for contrarian traders. When most market participants expect further losses, some selling pressure may have already played out.

Ethereum whales have been buying up the asset, scooping 60,000 units worth around $162 million over the past week. Meanwhile, Arthur Hayes expects ETH to reach $10,000 by the end of the year, a huge jump from its current price near $2,700.