Ethereum sentiment hits extreme fear as price nears $1,626

Ethereum social sentiment fell into an extreme fear zone on June 9 as ETH lost about 12% over the past week and traded near $1,626. Santiment recorded a positive-to-negative commentary ratio around 1.09.

Santiment reported the ratio is among the lowest this year. On April 22 social sentiment reached extreme greed while ETH traded above $2,400. The token has fallen roughly 32% since that April level.

Santiment wrote that periods of extreme fear have historically been followed by rebounds because prices often move opposite to the crowd’s expectations. The firm added that ‘this is where markets become most dangerous for bears.’

ETH peaked at $4,953 in August 2025 and has since dropped below its weekly 200-day moving average, near $2,471. One analyst identified $1,500 as the next major support level and cautioned that a weekly close below $1,500 could leave the next significant support near $1,000.

Crypto commentator Ash Crypto compared the current breakdown to June 2022, noting that ETH fell to about $880 then and that buyers at that low later recorded large gains.

Data from SoSoValue shows spot ETH exchange-traded funds recorded outflows for four consecutive weeks, reversing a strong April accumulation. April saw roughly 140,000 ETH net inflows while May registered about 260,000 ETH net outflows.

Analyst Ardi pointed out that previous cycle lows formed after the weekly Relative Strength Index fell below 30 for consecutive weeks. He cited a roughly 63% decline in 2018 and a 65% decline in 2022 following similar RSI action. Ardi added that ETH has not yet reached that degree of oversold readings and remains above critical RSI thresholds.

Market participants are comparing social sentiment, ETF flows and technical indicators as they assess price direction. Santiment highlighted seller exhaustion as a factor that has coincided with past rebounds. Other analysts pointed to weak ETF flows and the current RSI readings as factors that could affect any price recovery.