Ethereum sentiment is currently as bearish as it was before the asset's massive 2025 price explosion, according to Santiment analyst Brian Quinlivan. The on-chain analytics firm suggests the current setup looks bullish, mirroring conditions that preceded ETH's surge from $1,470 in April 2025 to $4,900 by August.
"Ethereum is actually way down, this would argue against us falling too much further," Quinlivan stated. "This is kind of reminiscent of what we saw before Ethereum went on its major run last year." That major run saw ETH surge to $4,900 on August 23, 2025, surpassing its previous 2021 peak after rebounding from yearly lows. Quinlivan noted the price "took off just as people were really starting to write-off Ethereum."
Currently, Ethereum (ETH) trades at $3,099, showing 5.5% gains over 14 days but down 4.5% over 30 days. The token is still down 36% from its all-time high following a $19 billion crypto market liquidation event on October 10. However, Quinlivan sees rising staking interest and network growth as key indicators. He described network growth as "absolutely going bonkers," suggesting the current pessimism might be setting the stage for another upside move, much like the Fear and Greed Index hovering between "Fear" and "Extreme Fear" since early November.
