24/7 Cryptocurrency News

Despite Ethereum (ETH) Price Crossing $1,500, Sentiment Remains Negative. Time to be Cautious?

Published by
Despite Ethereum (ETH) Price Crossing $1,500, Sentiment Remains Negative. Time to be Cautious?

The world’s second-largest cryptocurrency Ethereum has registered a sharp bounceback over the last week. The ETH price has surged all the way past $1,500 levels with its market cap reaching closer to $200 billion.

On the weekly chart, the ETH price has gained more than 40% leading to a strong rally in the altcoin space.

However, on-chain data provider Santiment notes that the overall sentiment around ETH remains negative with the crowd having little belief in this recovery. The data provider notes:

Ethereum’s return above $1,500 for the first time since June 12th appears to be happening as the crowd has little belief in this rebound. Despite this, the average $ETH return of 30-day traders has ballooned to +28%, the highest since August, 2021.

Courtesy: Santiment

Is ETH Profit Booking on the Cards?

The recent price rally could see some profit booking, especially for short-term traders who recently purchased ETH for around $1,000. On the other hand, the percentage of ETH supply in profit has bounced by 15% over the last week. Thus, we can’t rule out the chances of profit booking.

As data provider Glassnode explains: “Over the last month, almost 7.8% of circulating supply of $ETH has transacted on-chain, and changed hands. The total $ETH supply in profit has now increased to 56%, after hitting lows of 41% prior to the current price rally”.

Courtesy: Glassnode

Taking a look at the ETH derivatives market, funding remains low across exchanges as of now. Market analyst Alex Kruger further explains: “Quarterly futures basis is flattish and close to zero. Perp open interest since $1200 is down in Binance & Bitfinex, flat in FTX, and up in OKEX”.

This shows that one can avoid building up any fresh positions at the current price considering that ETH has already given a pretty solid run-up. Also, as per CoinShares, ETH witnessed net outflows of $2.6 million last week after three weeks of consecutive inflows suggesting some profit booking.

Advertisement

Share
Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

VanEck Registers Lido Staked Ethereum Trust in Delaware, LDO Up 7%

VanEck has formally registered its VanEck Lido Staked Ethereum ETF in Delaware. If approved, this…

October 3, 2025
  • 24/7 Cryptocurrency News

Fed’s Lorie Logan Urges Caution on Further Rate Cuts Citing Inflation Risks

Federal Reserve Bank of Dallas President Lorie Logan is the latest Fed official to share…

October 3, 2025
  • 24/7 Cryptocurrency News

Nasdaq-Listed Fitell Adds Pump.fun’s PUMP To Supplement Solana Treasury

Australia’s Fitell Corporation has purchased 216.8 million PUMP tokens for $1.5 million. The Nasdaq-listed company…

October 3, 2025
  • 24/7 Cryptocurrency News

FG Nexus to Tokenize Stock on Ethereum as SEC Weighs 24/7 Onchain Stock Trading

FG Nexus has announced that it will allow shareholders to convert common stock into tokenized…

October 2, 2025
  • Bitcoin News

Bitcoin Still Undervalued, JPMorgan Forecasts Rally to $165,000

JPMorgan says Bitcoin (BTC) is undervalued compared to gold and could rise to $165,000, giving…

October 2, 2025
  • 24/7 Cryptocurrency News

Breaking: CME to Launch 24/7 Crypto Futures Trading Amid Rising Institutional Demand

Derivatives exchange CME Group has announced plans to begin offering 247/7  crypto futures and options…

October 2, 2025