Santiment: Ethereum sentiment hits a new low for the year, potentially signaling that ETH is ready for a Rebound

PANews reported on March 7th that according to Cointelegraph, Santiment, the Block chain data platform, stated in its post X on March 5th that its social sentiment tracker found that traders are more pessimistic about Ethereum (ETH) on social media channels such as X, Reddit, and Telegram compared to other major cryptocurrencies. The community sentiment towards Ethereum (ETH) has hit a new low for the year. Santiment stated: “For those who patiently hold ETH, the generally bearish sentiment on social media is a good sign of a potential turning point. Once the Cryptocurrency market stabilizes, Ethereum (ETH) may experience a rebound.” Douro Labs CEO Mike Cahill said in an interview that while the poor performance of Ethereum (ETH) may lead to a decline in social sentiment, it is important to “separate short-term narratives from long-term fundamentals.” He said: “Historically, extreme bearish sentiment often coincides with market bottoms, because price trends often lead social sentiment, rather than the other way around. If the cryptocurrency market stabilizes, Ethereum (ETH) will be well positioned to benefit from renewed liquidity and sustained institutional interest.”