Ethereum Fear and Greed Index: A Shift in Sentiment
Ethereum's Fear and Greed Index recently logged a score of 38, which reflects a neutral sentiment in the market. This is a significant shift from the extreme fear sentiment noted just a week ago. With Ethereum's price currently at $2705, this balance between fear and greed suggests that investors are gaining confidence. This shift in sentiment indicates that Ethereum might soon test and potentially surpass the $2.8K resistance level. Such a move would signal positive momentum for both Ethereum and the broader cryptocurrency market.
ETH/USD Approaching Resistance
Ethereum has recently moved past the $2.8K support level, transforming it into a crucial support point as the market recovers from the recent downturn. The critical question is whether the current price action will break through this resistance. However, Ethereum's price has shown signs of resilience, gradually recovering from a weekly low and closing on a strongly bullish note. This upward trend suggests a potential breakout above the support level is imminent. The brief dip below $2.8K is viewed as a false breakout, indicating a possible reversal as the price quickly moved back above this level.
Token Summary
Recent analysis of the Ethereum ecosystem suggests that ETH could indeed surpass the $2.8K resistance level. Currently, 66% of total holders are profitable, and 51% of Ethereum is concentrated among large holders, often referred to as 'whales.' Ethereum's price shows a significant correlation with Bitcoin, standing at 0.85. Additionally, 74% of holders have kept their ETH assets for over a year. In the past week alone, transactions exceeding $100K reached a total of $53.67 billion. These factors illustrate a strong possibility of Ethereum breaking this critical resistance level, reflecting growing confidence in the asset.
On-Chain Signals
Ethereum's on-chain indicators demonstrate a neutral stance for both buying and selling activities. Network growth is stable at 0.23%, though in-the-money transactions have slightly decreased to -0.44%. The concentration and large transactions remain neutral with readings of 0% and 2.02%, respectively. The futures market, however, shows a slight bullish momentum of 0.5%, suggesting Ethereum might soon break the $2,800 resistance level as confidence in ETH assets grows.
