Ethereum Sentiment Hits Pre-Rally Lows — Analysts Say Major Upswing Could Be Near
Ethereum’s social media sentiment has slipped to levels not seen since just before its powerful 2025 recovery rally — a signal that could hint at similar upside potential, according to blockchain analytics firm Santiment.
In a video update published to YouTube on Saturday, Santiment analyst Brian Quinlivan said Ether’s decline in online sentiment closely mirrors the same pattern that preceded its run back to its 2021 all-time high.
“Ethereum is actually way down, this would argue against us falling too much further,” Quinlivan said, describing the current setup as “reminiscent of what we saw before Ethereum went on its major run last year.”
That run was one of the defining moments of Ethereum’s recent market history.
On Aug. 23, 2025, Ether surged back to its 2021 peak of $4,878 — a nearly 70% climb over four months after dropping to a yearly low of $1,472 on April 9, according to CoinMarketCap.
ETH price over the past year (Source: CoinMarketCap)
ETH’s price “took off just as people were really starting to write off Ethereum,” Quinlivan recalled.
ETH Holds Number-Two Spot as Market Resets
Ether has since retreated 36% from that high and was trading at $3,094 at the time of publication, as markets continue absorbing the fallout from a $19 billion crypto liquidation event on Oct. 10.
The steep shakeout pushed major assets into a multiweek downtrend, with ETH sliding 4.64% over the past 30 days.
Despite the correction, Quinlivan argued that Ethereum’s broader market perception remains far healthier than it was heading into 2025.
“I wouldn’t say that is happening now. Ethereum is kind of back to being an expected number two market cap for a lot of people,” he said. “It’s appropriately ranked once again.”
Institutional views appear aligned with that sentiment.
Coinbase Asset Management president Anthony Bassili said in late 2025 that the market had reached clear consensus on the asset hierarchy.
“There’s a very, very clear view in the investor community in terms of the right first portfolio is Bitcoin. The next is Bitcoin, Ethereum,” Bassili said at the time.
Network Growth Surges as Staking Interest Builds
While sentiment may be gloomy, on-chain activity tells a different story. Quinlivan said he remains bullish on Ethereum’s underlying network fundamentals, describing its current growth as “absolutely going bonkers.”
He attributed the momentum in part to rising interest in staking, which continues to dominate social media conversations and remains one of Ethereum’s most powerful long-term catalysts.
The surge in network activity contrasts sharply with sentiment metrics across the broader crypto space, which have struggled to rebound since early November. The widely watched Fear and Greed Index has fluctuated between “Fear” and “Extreme Fear” for weeks, posting a score of 29 on Sunday.
Crypto Fear and Greed Index (Source: Alternative)
Bitcoin Season Dominates as Risk Appetite Stays Low
The risk-off tone remains strongest outside of Bitcoin, according to the Altcoin Season Index. With a current “Bitcoin Season” score of 34 out of 100, the gauge suggests that capital continues to flow disproportionately toward BTC over the past 90 days.
The index shifts between Bitcoin Season and Altcoin Season depending on whether the majority of the top 100 altcoins outperform Bitcoin. Right now, the tilt remains firmly in Bitcoin’s favor — a dynamic that historically leaves altcoins like Ether lagging until confidence returns.
Still, Quinlivan believes Ethereum’s sentiment reset could be setting the stage for a familiar pattern. If history repeats, the market may once again be underestimating the asset just as its fundamentals strengthen.
For now, traders appear cautious, but analysts suggest that Ethereum’s combination of depressed sentiment, robust network growth, and established market positioning could form the foundation for its next major move.
