Ethereum's social-media buzz has cooled dramatically, slipping back to the sentiment levels seen before this year's rally kicked off. Remember when ETH explosive climbed from $1,472 all the way up to $4,878? That peak feels like ancient history now—the token's currently trading around $3,089, representing a sharp 36% pullback from those highs.

What's interesting here is how some traders are reading the tea leaves differently. With the Fear & Greed Index sitting at just 29, indicating extreme fear in the market, a growing camp of analysts is spotting a potential contrarian setup. When everyone's pessimistic and sentiment tanks this hard, sometimes it signals an inflection point rather than further downside. The divergence between price weakness and crowd psychology could be worth watching for those playing the longer game.