The data show that the feeling around Ethereum (ETH) has recently embarked on social networks, which could actually help the room turn its price.
Ethereum positive / negative feeling has recently decreased
According to data from the Santiment Analysis Society, traders on social networks have become downgraded towards Ethereum after the withdrawal of prices. The relevance indicator here is the “positive / negative feeling”, which tells us if social media users are optimistic or lowering towards a given part.
The metric works through the main social media platforms to filter publications / threads / messages which contain at least one mention of the assets. He then places these messages via an automatic learning model to determine whether the comments are positive or negative.
Finally, the indicator takes the relationship between the two types of posts, in order to represent a “clear” situation for traders as a whole. The value of this metric being greater than 1 implies that the positive posts exceed those of the negatives, while it is under the brand suggests that a lowering feeling is held by the majority.
Now here is the graph shared by the analytical company that shows the trend of positive / negative feeling Ethereum in recent months:
Looks like the value of the metric has slipped under the 1 level in recent days | Source: Santiment on X
As displayed in the above graph, the positive / negative feeling Ethereum has witnessed very big points in the last two months of 2024. The peak of metric during this period corresponded to positive comments exceeding negatives of more than three times.
The crushing bullish feeling is the result of the net rally that ETH observed alongside the rest of the cryptocurrency sector. Interestingly, the race lacked steam shortly after optimism increased among social media users.
This model of the price of the ETH moving unlike the expectations of the majority has actually witnessed many times, not only for the ETH, but on digital assets in general.
According to the graph, it is visible that with the lower price action which has followed in the last two months, the positive / negative feeling has seen a significant charging time.
After the last continuation of the decline, which took Ethereum under the level of $ 2,000, the value of the indicator dropped below the neutral brand, indicating that traders on social media platforms now believe in a lower result for the assets.
As mentioned above, however, it is a historic model that the price of the play tends to go in front of the opinion of the crowd. Thus, in this point of view, the domination of fear on social networks could be something that can help reach a background.
It remains to be seen, however, that the current feeling is negative enough for this effect to settle, or if the mood must worsen for a rebound to occur.
Ethn price
At the time of writing this document, Ethereum floats around $ 1,900, down more than 13% in the last seven days.
The trend in the price of the coin during the last month | Source: ETHUSDT on TradingView
Dall-e star image, Santiment.net, TradingView.com graphic
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