Ethereum Crowd Sentiment Turns Sharply Negative Amid Price Weakness

Ethereum's crowd sentiment has turned sharply negative, according to on-chain analytics firm Santiment. The company noted that Ethereum's positive-to-negative commentary ratio for Ethereum has now flipped bearish across X, Reddit, and Telegram three separate times in the past 30 days.

Crowd capitulation may fuel Ethereum's next recovery rally, Santiment said, citing historical data showing that crowd frustration during price weakness has historically lined up with buying opportunities for ETH. Two prior sentiment dips on the same chart led to gains of 14% and 7%, respectively.

Despite the bearish sentiment, ETF demand for Ethereum has kept building even as public commentary sours. Analysts are watching closely for the next rebound signals, with some predicting a potential breakout rally toward $3,000, followed by an extension toward $4,000 and beyond.

Ethereum's price currently holds near $1,850, a level traders have flagged as a key support zone. A break above roughly $1,950 would open the door to a test of $2,150 and then $2,350, according to trader Daan Crypto Trades.