- Ethereum sentiment fell below one bullish comment per bearish comment as October began across major crypto communities.
- ETH slipped below $2,700 after failing near $2,760, while 24-hour volume climbed more than 32% during the reversal.
- Santiment recorded ETH sentiment at 0.89, its weakest reading since June 7 across monitored crypto communities.
Ethereum market analysis presents a powerful intraday reversal as social sentiment wanes and volume levels increase alongside renewed selling pressure at critical support levels.
Bearish sentiment emerges as ETH reverses
Santiment reported that Ethereum sentiment fell to 0.89 bullish comments per bearish comment. The post said bearish commentary now represents the majority across monitored crypto communities. It also marked Ethereum’s weakest sentiment reading since June 7.
XRP recorded an even lower sentiment ratio of 0.67. That represented its lowest reading since August 17, according to Santiment. Both assets therefore entered October with notably negative social commentary.
The sentiment shift arrived as ETH experienced a sharp intraday reversal. Ethereum had earlier climbed toward the $2,760 area during the session. However, sellers later pushed price back below several important intraday levels.
ETH loses momentum after reaching $2,760
ETH is trading around $2,677.61, down 0.85% over 24 hours. The session began with some more buying interest in the $2,700 area. The momentum then picked up and ETH continued to surge higher towards $2,760.
Up from $2,720 was a more favorable period for the purchasers. ETH hit a brief high of $2,760 before the market dynamics shifted. The selling pressure then pushed the price back towards $2,740 again.
The fall continued down to $2,720 and then to $2,700. As soon as it breached this level, ETH started heading towards the current $2677 range. The sequence indicates the speed of the intraday trend from a bullish to bearish direction.
The $2,700 level is now a significant reference point for the short-term. If a recovery above that level occurs, the price structure in the near term would become more stable. The visible $2,660 region, on the other hand, might be the focus of weakness.
Rising volume adds context to the reversal
Ethereum had around $18.16 billion volume for the last 24 hours. This is 32.17% higher than during the previous period. The market saw a big intraday reversal and higher activity.
The value of Ethereum’s market cap was close to $326.93 billion. There were around 122.09 million ETH in circulation at the time. The volume-to-market-cap ratio reported was 5.44%.
The increased volume coupled with the decrease in price is useful as market context. It shows increased participation while sellers controlled the later session. However, volume alone does not establish the direction of future price action.
Santiment’s data adds a separate measure of market psychology. The sentiment ratio is at 0.89, indicating that the sentiment towards Ethereum is unusually negative. That read is not a buy signal for ETH, it is not an immediate higher time frame buy signal today.
The big focus now is on what happens to ETH below $2,700. Resistance may be found at $2,720 and $2,740 with a sustained recovery. If $2,700 wasn’t recovered, the next remaining reference would be $2,660.
