Ether is based on the Ethereum blockchain platform, which offers a set of decentralized development tools for which Ether could be used as currency. This is why developments in the Ethereum platform can affect the currency.
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As a Technical Analyst, I don't read much on the fundamentals. Elliott Waves states that a news or an event shall arrive to justify the forecast, never the reverse. This means sentiment begets the fundamentals and Technical Analysis reads sentiment.
I agree with you :
Sentiment indicators
Indicators related to the technical analysis of financial markets.
On the Forex, the floating exchange market, sentiment indicators are intended to measure the market consensus, the share of forex traders who are bullish, neutral or bear on a currency parity. The sentiment indicators belong to the contrarian analysis, which is itself part of the technical analysis. The principle is to consider that the majority is always wrong and to take the opposite course.
Example: if the majority of investors are bulls on the Euro Dollar (EUR / USD) pair, it is very likely that the uptrend is closer to the end than its start-up phase.
2 Sigma is 86% or the top 16%. This can be sustained for a bit. Now, 3 sigma is the one I want to see and perhaps ETH might get there. Not required, though.