- Ethereum market analysis platform tweeted that the Fear and Greed index touched 64.
- Bulls toil hard in the red zone but bears plummet ETH prices.
- If the bears are dominant ETH could tank to support 1 but the 200-day MA may interject.
Multifactorial Ethereum Market Sentiment Analysis Platform shared on Twitter that the Fear and Greed Index struck 64 with the price of Ethereum at $1,646. The Fear and Greed Index indicator takes various parameters into account. It takes into consideration volatility, market momentum/volume, social media, dominance, and trends.
For the uninitiated, the orange zone on the left of the indicator in the range (0-24) denotes “Extreme fear”. The 25-49 range in the (amber/yellow) zone depicts “Fear”. Moreover, the 50-74 range in the (light green) indicates “Greed” while the 75-100 range shows “Extreme greed”. As such, Ethereum is in the greed zone at 64.
Meanwhile, Ethereum started the week with its opening price at $1,637as shown below. But just after a brief moment, it tumbled into the red zone while occasionally sneaking into the green zone. ETH took a mighty fall on the second day as it crashed from $ 1,617 to $1,531 within just a few hours. This was the lowest that ETH reached within the week.
Although during the second day, just before midday, ETH found momentum to rise to almost the surface, it wasn’t able to rise above the opening market price. Instead, ETH made lower highs tanking further into the red zone. Moreover, until the sixth day, ETH was fluctuating within the $1560-$1620 range.
On the sixth day, it was able to overhaul the opening market price and reached a maximum of $1,653. Nonetheless, ETH was pulled back by the bears below the opening price. Currently, ETH is down 1.45% in the last 24 hours and trading at $1,584.
As shown in the chart below, ETH price has broken out from an exponential curve and is starting to move sideways. The RSI is at 43.95 indicating that the trend is well set. The Bollinger bands are also parallel to the horizontal axis, hence, ETH could move sideways. However, if the bulls push hard, ETH could hit resistance 1. But if the bears take over ETH could tank to Support 1.
But the question lies as to whether the 200-day MA will be able to interject ETH’s fall and stop it from crashing further.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
