Ethereum’s social media sentiment is dropping, resembling levels before its 2021 rally to all-time highs. Analyst Brian Quinlivan believes this indicates a potential bottom for ETH, similar to last year’s surge to $4,878. Despite a 36% drop to $3,089, market sentiment remains positive about Ethereum’s future.

Quinlivan is optimistic about Ethereum’s network growth, especially with increasing interest in staking. However, the broader crypto market sentiment remains in “Fear” territory, with the Fear and Greed Index scoring 29 on Sunday. Market participants are still cautious, favoring Bitcoin over altcoins, as indicated by the Altcoin Season Index score of 34.

Despite market uncertainties, Ethereum’s position as the number two market cap remains solid. Coinbase Asset Management president Anthony Bassili also supports this view, emphasizing Bitcoin and Ethereum as key assets for investors. Ethereum’s resilience and network growth are key factors contributing to its positive sentiment among market participants.

Read more at Cointelegraph: Ether Sentiment Is ‘Way Down’ Near Levels Before ‘Major Run’