Ethereum sentiment echoes pre-rally levels, says Santiment
Ethereum’s social media sentiment has declined to levels similar to those seen ahead of its 2025 rally that returned the asset to its 2021 peak, according to analytics firm Santiment.
“Ethereum is actually way down, this would argue against us falling too much further,” Santiment analyst Brian Quinlivan said in a YouTube video published on Saturday. “This is kind of reminiscent of what we saw before Ethereum went on its major run last year,” he added.
On August 23, Ether (ETH) revisited its 2021 all-time high of $4,878, rising nearly 70% over four months after dropping to a yearly low of $1,472 on April 9, according to CoinMarketCap. Quinlivan noted that ETH’s price “took off just as people were really starting to write-off Ethereum.”
Ethereum retains “number two” market-cap position
ETH has since fallen 36% from that peak and was trading at $3,089 at the time of publication, following a $19 billion crypto market liquidation on Oct. 10 that weighed on broader markets.
However, Quinlivan said sentiment is not as skeptical toward Ethereum’s upside as it was in early 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.”
Coinbase Asset Management president Anthony Bassili voiced a similar view in November 2025, stating: “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.”
Crypto market sentiment remains in “Fear” territory
Quinlivan said he is constructive on Ethereum’s network growth, describing it as “absolutely going bonkers,” which he linked to increased interest in staking frequently discussed on social media.
Broader market sentiment has hovered between “Fear” and “Extreme Fear” since early November, with the Index posting a “Fear” score of 29 on Sunday.
Market participants remain risk-off outside Bitcoin (BTC), according to the Altcoin Season Index, which currently indicates a “Bitcoin Season” reading of 34 out of 100. The index shifts between “Bitcoin Season” and “Altcoin Season” based on the performance of the top 100 altcoins relative to Bitcoin over the past 90 days.
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