Ether Market Sentiment Reaches Highest Level Since March 2023

The market’s attitude toward ether climbed to its highest level in over 14 months yesterday, according to one particular measure.

The digital currency’s long-term sentiment, which is calculated by gauging the positivity of recent posts on X (formerly known was Twitter) and then comparing that to the optimism of such posts over a broader time frame, attained a value of 66.69 on June 3, according to figures from cryptocurrency analytics provider The Tie.

At this point, the metric was at its highest since March 24, 2023, additional data from The Tie reveals.

The chart below shows how the cryptocurrency’s long-term sentiment has fluctuated over the last several months:

More specifically, The Tie calculates long-term sentiment by comparing how positive posts on X were over the last 50 days to the prior 200 days.

Any score above 50 signals that conversations have been more optimistic in the former period than the latter period. A score below 50 points to the opposite.

The aforementioned indicator reached its highest reading in more than 14 months on a day when ether prices experienced modest volatility, trading within a relatively tight range between $3,700 and $3,900, CoinMarketCap figures show.

The digital currency has been displaying limited volatility over the last few weeks, after registering a sharp gain on May 20, climbing from less than $3,100 to nearly $3,700, additional CoinMarketCap data reveals.

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether, EOS and SOL.

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