Ethereum’s (ETH) Fear & Greed Index reflects a gradual shift in investor sentiment. On-chain data and market action suggest a potential uptrend in Ethereum’s price. The current index value is 38, indicating a more neutral sentiment than extreme fear, suggesting increasing trader confidence.
Latest Situation and Price Movements
Ethereum is currently trading at $2,705 and its Fear and Greed Index is at 38, indicating a significant recovery from last week’s extreme fear. This indicates increasing confidence among investors and the $2,800 resistance level is being approached. This recovery suggests that Ethereum could gain positive momentum and contribute to the overall cryptocurrency market.
Ethereum’s price action has broken through the $2,800 resistance, becoming a critical support point. This recovery from last week’s decline has brought Ethereum closer to testing the resistance level. The price action suggests that Ethereum is potentially preparing for a breakout; a brief drop below $2,800 could be a false breakout followed by a swift bounce.
Current on-chain analysis points to the possibility of upward momentum. 66% of Ethereum holders are currently profitable, with large holders controlling around 51% of the total ETH supply. Ethereum has a strong correlation with Bitcoin, standing at 0.85, with 74% of holders holding their holdings for over a year. These metrics suggest that Ethereum’s market fundamentals are solid and could break through significant resistance levels.
On-chain indicators are showing a neutral stance in terms of both buying and selling activity. Network growth remains stable at 0.23%, while profitable trades are down -0.44%. Concentration metrics and large-value trades are also largely neutral. However, a 0.5% increase in the futures market signals a slight bullish trend. This suggests that investor confidence continues to rise and Ethereum could successfully test the $2,800 resistance level.
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I EXPLAIN IN DETAILED.
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