Leading on-chain data vendor Santiment shared the details of Ethereum (ETH) community sentiment analysis. In brief, the trend reversal does not look surprising.
Impatience, exhaustion, doubt
According to the latest Twitter publication by Santiment, in mid-May 2021, the weighted sentiment of Ethereum (ETH) holders turned negative for the first time since early April.
🤔 #Ethereum traders are showing signs of impatience and exhaustion as the price has chopped in the low to mid $2k range. This kind of capitulation and crowd doubt was last seen April 7th, when $ETH's price then proceeded to doubled over the next month! 💪 https://t.co/cJ2KjA6Vk3 pic.twitter.com/YK4dmM9z2F— Santiment (@santimentfeed) June 1, 2021
This plunge was preceded by a 49.3 percent dropdown of the Ethereum (ETH) price. It took only 12 days for the second crypto to plummet from $4,182 to $2,120.
Analysts treat the latest move in Ether sentiment as a "kind of capitulation and crowd doubt." Impatience and exhaustion are predominant emotions for Ethereum (ETH) supporters right now.
The last time such a pattern was registered was on April 7, 2021. Once sentiment stabilized, the Ethereum (ETH) price added 100 percent in 30 days only.
Extreme fear dominates crypto markets
The minimum level of sentiment (-1) was registered once Ethereum (ETH) dipped for the last time before its rally over $2,000.
Meanwhile, Santiment metrics indicate similar processes for all major blockchains, including Bitcoin (BTC), Cardano (ADA), Polkadot (DOT) and XRP.
The Crypto Fear and Greed Index by Alternative has remained below 30 points in the "Fear" and "Extreme Fear" zones for almost three weeks in a row. Thus, this is the longest scary period for crypto bulls in more than a year.