- The ETH price loses crucial support at $3,000
- We’re seeing unprecedented levels of fear, uncertainty, and doubt (FUD)
- Is it a good opportunity to buy?
Panic Selling Rises
The recent drop in bitcoin prices has led to panic selling in the altcoin market.
It looks like Ethereum and most of the top ten altcoins have taken a bit of a hit, with declines ranging from 10 to 20%.
The ETH price loses crucial support at $3,000 because of the uncertainty in the market. In the past hour, people have been selling Ethereum more than they have been selling Bitcoin.
The social media landscape is currently witnessing unprecedented levels of fear, uncertainty, and doubt (FUD), with the overall sentiment reaching a peak of 2024.
FUD Reaches Historic Levels
As the cryptocurrency market experiences a further decline, there is a notable increase in the prevalence of fear, uncertainty, and doubt (FUD) on social media platforms.
On-chain data provider Santiment has observed that the number of mentions of “sell” has consistently exceeded the number of mentions of “buy” over each hour.
In the past 24 hours, there have been several instances of this trend, with the ratio of negative to positive comments reaching its highest point in 2024.
Santiment says that those willing to take risks may see this period of heightened negativity as a chance to go against the crowd and buy market instruments, even though there is a lot of fear, uncertainty, and doubt.
Among the altcoins, the entire Memecoin sector has tanked even more, with all top Memecoins losing between 17% and 25%. It will be interesting to see if these meme coins bounce back or if this is the end of the meme coin mania.
Negative Sentiment = Contrarian Opportunity?
The market has been on a downward trend for a while now, and negative sentiment on social media has reached unprecedented levels.
It’s pretty unusual to see more mentions of “sell” than “buy” on crypto forums in an hour.
For those who like to take risks, this could be a great opportunity to be a contrarian and buy into the crowd’s anger and frustration.
