Data shows that feelings about ETHEREUM (ETH) have recently been strained on social media, which can actually help in contrast to their price.
Positive/negative emotions recently decreased
According to data from the Analysis Company SantimSocial media traders have become a decrease in Ethereum after withdrawing the price. The importance indicator here is “positive/negative feelings”, which tells us whether social media users are optimistic or declining about a certain currency.
The scale works by passing the main social media platforms to filter the posts/topics/messages that contain at least one male of the original. Then he puts these publications through the machine learning form to determine whether the comments are positive or negative.
Finally, the indicator takes the ratio between the two types of publications, in order to represent the “net” position of the merchants as a whole. The value of this scale is greater than 1 means that positive posts outweigh the negatives, while the matter under the sign indicates a declining feeling by the majority.
Now, here is the graph that the analysis company shares the trend in positive/negative emotions in the past few months:
Looks like the value of the metric has slipped under the 1 level in recent days | Source: Santiment on X
As shown in the graph above, positive/negative emotions have witnessed some very large nails during the past two months of 2024. The peak of the scale is corresponding to during that period with positive comments that exceed negative by three times.
The overwhelming ups are the result of the acute gathering that ETH noticed alongside the rest of the cryptocurrency sector. Interestingly, running ran out of steam was not long after optimism that rose among social media users.
This style of ETH moves, unlike the majority expectations, has already seen over and over again, not only for ETH, but overall digital assets.
From the graph, it is clear that with the declining price that has been followed in the past two months, positive/negative morale has witnessed a remarkable slowdown.
After the last continuation of the decline, that ethereum took this at the level of 2000 dollars, the value of the index fell below the 1 neutral mark, indicating that traders on social media platforms now believe in a declining result of the original.
As we mentioned before, though, it was a historical style that the currency price tends to go against the mobility. Thus, in this opinion, the dominance of fear on social media can be something that can help achieve the bottom.
However, it remains only to see whether the current feelings are negative enough to implement this effect, or if the mood has to get worse until a recovery occurs.
ETH price
At the time of writing this report, Ethereum floats around 1900 dollars, a decrease of more than 13 % in the past seven days.
The trend in the price of the coin during the last month | Source: ETHUSDT on TradingView
Distinctive image from Dall-E, Santiment.net, Chart from TradingView.com
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