Ethereum ‘Dead’ Narrative May Be a Contrarian Signal

[cryptoenthusiast]

The ETH-BTC ratio bottomed out in April 2025 and rallied. Source: Michael Van de Poppe

Despite growing onchain activity, Ethereum has faced persistent claims that it is “dead” or losing relevance. ETH briefly rallied above its 365-day moving average earlier this year before pulling back near the $3,100 level, reinforcing mixed short-term sentiment among traders.

However, sentiment data from Santiment suggests current attitudes toward Ethereum resemble conditions seen before past price recoveries. If history rhymes, the disconnect between negative sentiment and strengthening fundamentals could set the stage for Ethereum’s next major move.

[kevin1]

sentiment always goes max negative right before things turn, annoying but consistent