Here is the Top comment, and the comment with most karma points in the last hour, in the daily threads of 4 different subreddit (at time of publication):
r/bitcoinmarkets Top comment, most pts in last hour
r/ethfinance Top comment, most karma points in last hour
Considering counter-sentiment theory (where positivity may suggest downward trend and negatively a upward trend), these could be used as input for determining the price trend of crypto markets. You can ask yourself if they are bullish in sentiment, an how bullish, or if they express a mood or attitude.
It may help for the short to medium term time-frame. Outside of that, it may be good to get input from other information sources or insights.
Suddenly there are a few comments of concern in crypto reddit about the ETH/BTC ratio.
E.g. “Why does the ratio hate me?”, “Ratio hates all of us. We are all in the ratio concentration camp for years starving.“, ”On a new bull run, i expect btc to take the lead.”.
So who knows, if we consider counter-sentiment theory then there might not be need to worry so much about the ratio.
ETH has made an impressive rise to over $237 today over last couple of days. In the ETH subreddits they they were pleased, some expressed quite positive emotions. But, overall there wasn't what you would call exuberance. You could say there was some enthusiasm, and expectations have increased. There certainly wasn't euphoria. There were actually some who said there were not impressed yet, that they wouldn't get exited until it's significantly higher.
This insight is not for talking about whether or not there'll a correction now or soon. There may, may not me, who knows? It is just to suggest that it is not at any major top, and that, at some point in the future, it can go higher in its overall rally from $90.
There was no Reddit reaction at this point to the pump of ETH above $200 and the rise rise of BTC to $8880. And prior this it was quiet there, and with a few concerns expressed. From a counter-sentiment perspective when speculating, this may be a good sign for a bit of growth in price.
Also, Crypto Kirby has flipped quite bearish. How high profile traders feel can be quite useful for counter sentiment speculation
Note that all this doesn’t necessarily mean the markets have reached the absolute bottom of this dumping, but may be approaching one.
Apparently $9000 BTC is not what it used to be, for traders. If this very recent assessment of sentiment is correct then, according to counter-sentiment theory, there is the possibility that the stalling of the BTC price here is something bulls need not be concerned about.
ETH is tagged to as it may suggest the stalling of ETH price could soon be over too.
With the rise to $209 for ETH you can see on Reddit some bullishness and FOMO, and appreciation of news:
“Y’all got anymore of that $200 ETH? My funds just cleared and I wanted to buy right at the line. 😭“ 14pts
Huuuuge. Rollups coming to Reddit's community points!
The good news don't stop on the ETH train. CHOO CHOO MOTHERFUCKERS” 40pts
“Come on you beauty... that’s it... keep going, keep going to the moon 🌓” 17pts
“I'll try to do a little writeup about the Baseline protocol later today...It's THE news we have all been waiting for.” 46pts
Therefore, it’s price may stall.
Tagged BTC too as an effect on it can be inferred. This is from a BTC subreddit:
“Oof, ETH going on a tear right now...I think our local bottom is in, and we'll be retesting the higher highs in a not so distant future. Long here from $9,200.” 24pts
Finally some concern for the ETH dumping appears in Reddit:
From the point of view of counter sentiment speculation, this could be a sign of the dumping having stopped or not much further to drop (how high ETH could go in this rally is outside the scope of this insight).
There’s been another significant spike in Ethereum’s token age consumed yesterday, as the coin fell below $180 during a market-wide correction.
Elevated levels of token age indicate that a significant amount of previously dormant coins are on the move once again, and often point to short-term behavioral shifts among market stakeholders.
Similar spikes of token age consumed during a correction have often preceded local bottoms for Ethereum in the past (accompanied image).
Should history repeat itself, we might see another short-term bounceback for ETH in days to come.