Data shows Ethereum sentiment on social media doesn’t lean too bullish right now, something that could pave the way for a continuation in the asset’s rally.
The metric separates between the two types of comments by putting users’ posts/threads/messages through a machine-learning model. Once they have been divided, it counts up the number of each and takes the ratio between them.
Below is the chart shared by the analytics firm that shows the trend in the Ethereum Positive/Negative Sentiment over the last few months:
If the past is anything to go by, this fact could actually be a positive signal for ETH. “Prices historically movein the opposite direction of retail traders’ expectations,” says Santiment. The analytics firm has highlighted in the chart some instances of this trend in action. It would appear that FOMO spikes led to price drops for the asset, while excessive FUD resulted in price rises.
“With key stakeholders accumulating loose coins that small ETH traders are willing to part with right now, prices are showing very little sentiment resistance from breaking through and making history in the near future,” explains Santiment.
The Futures Open Interest measures, as its name suggests, the total amount of futures-related positions that are currently open on all centralized derivatives exchanges. From the chart, it’s visible that the metric has climbed beyond the $35.5 billion mark, which is a new record.
Following a rally of over 7% in the last 24 hours, Ethereum has reached the $4,730 mark, now sitting within touching distance of the ATH.
