Ethereum traders are showing a sharp shift toward optimism, according to data from Santiment, even as the broader crypto market remains gripped by fear.
The analytics firm reported on Thursday that ETH chatter on social media has turned strongly positive following a brief price rebound that saw the token climb toward $3,500. The sudden shift in sentiment marks the highest bullish bias since July, with Santiment recording 2.7 bullish comments for every bearish one across online discussions.
? Ethereum traders have quickly pivoted from being extremely bearish to extreme bullish, according to social media data. But is retail getting overly eager? Historically, we want to see continued FUD like $ETH was having on Tuesday.
? When the #2 market cap nearly rebounded to… pic.twitter.com/ZE8lGUNTL7
— Santiment (@santimentfeed) November 6, 2025
“Ethereum traders have quickly pivoted from extremely bearish to extremely bullish,” Santiment said, noting that the crowd “took the rebound as a cue that the asset was back in business.” As of early Friday, ETH was trading at $3,323, after moving between $3,251 and $3,451 in the past 24 hours, according to CoinGecko.
Caution: FOMO May Halt the Rally
While optimism has returned, Santiment warned that this sudden bullish enthusiasm might actually work against traders. Historically, crypto prices often move opposite to crowd expectations, and Santiment believes the latest burst of confidence could trigger a short-term pullback.
Earlier this week, when Ethereum traded near $3,700, sentiment was deeply negative, marking the second-most bearish reading since April. That pessimism, Santiment noted, helped fuel the rally as traders capitulated.
“When traders slow their expectations of a quick return to $4,000 and when bullish sentiment calms down again, that will be your true buy signal,” the firm said.
Market Still Fearful Despite ETH Optimism
Outside of Ethereum, broader market sentiment remains grim. The Crypto Fear & Greed Index fell to 24 out of 100 on Friday, placing the market squarely in “Extreme Fear.”
Analysts attribute the ongoing weakness to rising U.S.-China trade tensions and other macroeconomic headwinds that have weighed on risk assets. The index hit 21 points on Tuesday, its lowest level in nearly seven months, after Bitcoin briefly slipped below $106,000.
