Ethereum bearish sentiment hits an extreme as ETH holds near $1,850, with analysts watching closely for the next rebound signals.
Ethereum’s crowd sentiment has turned sharply negative for the third time in a month, according to on-chain analytics firm Santiment.
The shift comes as ETH trades near $1,850, a level traders have flagged as a key support zone. Santiment noted that similar sentiment extremes preceded rebounds of 14% and 7% in recent months.
ETF demand for Ethereum has kept building even as public commentary sours. That mix of negative chatter and steady institutional flows has caught the attention of several market watchers this week.
ETH Sentiment Ratio Signals Possible Bottom
Santiment’s positive-to-negative commentary ratio for Ethereum has now flipped bearish across X, Reddit, and Telegram three separate times in the past 30 days.
The firm pointed out that crowd frustration during price weakness has historically lined up with buying opportunities for ETH. Two prior sentiment dips on the same chart led to gains of 14% and 7%, respectively.
Santiment was careful to note that negative sentiment alone does not guarantee an immediate reversal. The firm added that ETF inflows, Layer 2 activity, and protocol upgrades have stayed active beneath the surface, even as retail sentiment worsens.
Read also: Ethereum Golden Cross Flashes as ETH Nears Key Buy Signal
Ethereum Price Holds Near Key $1,850 Support
ETH changed hands at $1,849.24 at the time of reporting, down 2.11% over the past 24 hours. The token posted a 7-day gain of 0.48%, alongside a 24-hour trading volume of $6.49 billion, according to CoinGecko data.
Trader Daan Crypto Trades described the price action as a choppy grind higher, pointing to a pattern of higher highs and higher lows. He identified $1,850 as the level Ethereum needs to hold to keep that structure intact.
A break above roughly $1,950 would open the door to a test of $2,150 and then $2,350, per his analysis.
$ETH Still looks pretty okay. It’s a very choppy grind up but we are still seeing higher highs and higher lows locally.
If price can break back above ~$1950 (local highs) I think that would push this quite a bit higher at that point and test ~$2150 and ~$2350 after.
Important… pic.twitter.com/73CqEbdYsQ
— Daan Crypto Trades (@DaanCrypto) July 24, 2026
Analysts Eye Breakout Structure Toward Higher Targets
Analyst Web3Marmot pointed to a separate development, saying ETH had broken out of a multi-month downtrend line.
He described the current phase as a retest and accumulation stage following that breakout. His outlined path includes consolidation inside a demand zone before an impulse move toward the $2,200 to $2,400 range.
From there, he projected a breakout rally toward $3,000, with a further extension toward $4,000 and beyond. Web3Marmot also said that when Ethereum confirms this kind of breakout structure, major altcoins tend to follow through with liquidity rotation.
Nobody is talking about this.
But $ETH finally broke out of a multi-month downtrend line.
Now we’re seeing a retest and accumulation phase right before the real expansion.
Here’s how I expect the $ETH chart to play out:
1. Downtrend breakout & retest (DONE)
2. Consolidation… https://t.co/z1vpn3bXy0 pic.twitter.com/DAjKAOFwaT— MARMOT (@Web3Marmot) July 24, 2026
The sentiment data and technical setups show a market split between short-term caution and longer-term positioning.
Santiment’s data shows traders growing frustrated with ETH’s price action near $1,850. Daan Crypto Trades and Web3Marmot both frame the current zone as a pivotal one for Ethereum’s next move.
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