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Ethereum Breaks Back Above $3,000, Will FOMO Lead To Top Again?
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Ethereum Breaks Back Above $3,000, Will FOMO Lead To Top Again?

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Ethereum

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Ethereum has once again broken above the $3,000 level after previous attempts ended in failure as FOMO took over the investors.

Ethereum Has Rallied 3% In Past Day To Break Back Above $3,000

Earlier, Ethereum had made two attempts at the $3,000 level, but both of them had turned out to be brief as the asset quickly retraced back to lower levels. In the past day, ETH has once again made a push towards the mark, as the chart below shows.

Ethereum Price Chart

ETH appears to have shot up in the past day | Source: ETHUSD on TradingView

In this latest surge, ETH has seen a sharp recovery of more than 3% from around the $2,900 mark to the current levels. The coin is now up 8% in the past week, making it the second-best performer among the top 10 cryptocurrencies, just behind BNB’s 10% profits.

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From the graph, it’s visible that Ethereum is now within touching distance of setting a new high for the year. But ETH investors would be wondering if this rally would sustain or if it would end up losing steam, just like the previous ones. If data is anything to go by, market sentiment may have been the reason behind the demise of the last surges.

ETH’s Previous Surges Topped Out As FOMO Took Over Traders

According to data from the analytics firm Santiment, the latest top above $3,000 occurred as the crowd euphoria spiked. The indicator of interest here is the “Social Volume,” which keeps track of the total amount of discussion that social media users are participating in around a given term or topic.

The metric calculates this value by counting up the number of posts/threads/messages across the major social media platforms that are making at least one mention of the topic.

The below chart shows the data of the Social Volume related to two Ethereum topics:

Ethereum Social Volume

The Social Volume related to the latest surges | Source: Santiment on X

The first Social Volume here has been filtered for $3,000. As is visible in the graph, this metric spiked as ETH broke above $3,000 for the first time since April 2022 a couple of days back.

This would suggest that discussions around the topic had spiked high as traders had celebrated the break. As it had turned out, though, the surge was pretty short-lived.

In the second attempt, the Social Volume related to terms like “buy Ethereum” had registered a large spike, implying that FOMO had developed among the traders.

Historically, FOMO has been something that has made tops likely, as ETH’s price has tended to go contrary to the expectations of the crowd. This is likely the reason why the top coincided with this spike.

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Bitcoin FOMO Hasn’t Spiked Yet: Green Signal For Rally To Continue?

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A similar phenomenon occurred with the small recovery surge observed yesterday, as Santiment has highlighted in the chart. It would seem that greed had once again led to the coin topping out.

It now remains to be seen how the market reacts to the latest rally above $3,000. If FOMO around Ethereum once again spikes on social media, then it may very well be a sign that this surge, too, may only be temporary.

Featured image from Kanchanara on Unsplash.com, Santiment.net, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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