Ethereum’s recent surge in social media mentions has reached “extreme euphoria” levels, triggering warning signs for a potential price pullback, according to Santiment.
Ethereum News: Ethereum’s recent surge in social media mentions has reached “extreme euphoria” levels, triggering warning signs for a potential price pullback, according to Santiment.
The sentiment platform notes that when social dominance spikes to unusually high levels, it often indicates an asset may be overvalued and over-hyped.
Ethereum has gained over 50% in the past 30 days, with its price ratio against Bitcoin surging 70% since early May.
However, analysts suggest the rally might continue as memecoin social dominance remains low, unlike typical market tops.
Corporate treasury adoption from companies like Sharplink Gaming could provide additional upward momentum for the asset.
Galaxy Digital CEO Michael Novogratz believes Ethereum has the potential to outperform Bitcoin over the next three to six months due to limited supply.
