According to the data, Ethereum sentiment on social media is no longer bullish now. This could pave the way for continuance at property gatherings.
Ethereum’s positive/negative feelings are still at a calm level
In a new post from X, analytics company Santiment talked about the sentiment about Ethereum that exists among social media users. The indicator shared by Santiment is “positive/negative emotions,” indicating how positive and negative comments related to ETH are compared to each other on major social media platforms.
Metrics distinguish between two types of comments by placing user posts/threads/messages in a machine learning model. When they are split, it counts each number and gets the ratio between them.
Below is a chart shared by analytics companies showing Ethereum’s positive/negative sentiment trends over the past few months.
As shown in the graph, Ethereum’s positive/negative sentiment witnessed an interesting charge as an asset breakout occurred at the beginning of the month. This suggests that social media users weren’t convinced of the gathering. The running continuation since then meant a slight improvement in emotion, but remains much lower than last month’s height. So despite the fact that cryptocurrency is approaching its all-time high (ATH), retail seems incredible.
If the past is something to do, this fact can actually be a positive signal for ETH. “Historically, it moves prices in the opposite direction of retailers’ expectations,” says Santimento. The analytics firm highlights some examples of this trend in its charts. The FOMO spikes resulted in a decline in the price of assets, and excessive FUD appears to have resulted in a rise in price.
“As key stakeholders accumulate loose coins, small ETH traders are trying to groom themselves right now, so prices show little emotional resistance from invading and making history in the near future,” explains Santimento.
In some other news, as Analytics Firm GlassNode points out on the X Post, open interest in Ethereum futures has surged alongside prices.
Futures, as its name suggests, show the total amount of futures-related positions currently open in all centralized derivative exchanges. From the charts, we see that the metric has risen by more than $35.5 billion. This is a new record.
ETH Price
Following more than 7% meetings in the last 24 hours, Ethereum has reached the $4,730 mark and is now sitting within the inspiring distance of the ATH.
