Crowd sentiment on Ethereum has flipped bearish for the third time in 30 days, according to on-chain analytics firm Santiment, even as ETF demand keeps building. ETH trades near $1,850, the level traders and analysts both frame as the pivot for its next move.
Ethereum's crowd sentiment has turned sharply negative for the third time in a month, on-chain analytics firm Santiment said — and the two prior sentiment dips on the same chart led to gains of 14% and 7%, respectively.
The shift comes as ETH trades near $1,850, a level traders have flagged as a key support zone. Negative commentary and steady institutional flows now pull in opposite directions: ETF demand for Ethereum has kept building even as public commentary sours.
Santiment's commentary ratio flips bearish across three platforms
The firm's positive-to-negative commentary ratio for Ethereum has flipped bearish across X, Reddit, and Telegram three separate times in the past 30 days. Santiment pointed out that crowd frustration during price weakness has historically lined up with buying opportunities for ETH.
But the firm was careful to note that negative sentiment alone does not guarantee an immediate reversal. Beneath the surface, it added, ETF inflows, Layer 2 activity, and protocol upgrades have stayed active even as retail sentiment worsens.
ETH holds $1,850 after a 2.11% daily slide
ETH changed hands at $1,849.24, down 2.11% over the past 24 hours, alongside a 7-day gain of 0.48% and 24-hour trading volume of $6.49 billion, according to CoinGecko.
Trader Daan Crypto Trades described the price action as a choppy grind higher, pointing to a pattern of higher highs and higher lows. He identified $1,850 as the level Ethereum needs to hold to keep that structure intact, with a break above roughly $1,950 opening the door to a test of $2,150 and then $2,350.
Analysts map a path from retest toward $3,000
Analyst Web3Marmot pointed to a separate development, saying ETH had broken out of a multi-month downtrend line. He described the current phase as a retest and accumulation stage following that breakout, with consolidation inside a demand zone before an impulse move toward the $2,200 to $2,400 range.
From there, he projected a breakout rally toward $3,000, with a further extension toward $4,000 and beyond. Web3Marmot also said that when Ethereum confirms this kind of breakout structure, major altcoins tend to follow through with liquidity rotation.
Santiment's data shows traders growing frustrated with ETH's price action near $1,850.
Source: Live Bitcoin News
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