- The Ethereum fear and greed index is gradually shifting.
- ETH token summary, on-chain signals, and false breakout indicate that the price is set to rise.
the Ethereum [ETH] The Fear and Greed Index was at 38 at press time, reflecting neutral market sentiment from the extreme fear sentiment a week ago.
With Ethereum price at $2,705 at the time of writing, this balance of fear and greed indicates growing investor confidence.
This sentiment suggests that Ethereum may soon test and possibly break the $2.8k resistance level, highlighting the positive momentum for Ethereum and the broader crypto market.
Source: Ethereum Fear and Greed Index on X
ETH/USD is approaching resistance
Ethereum recently broke the $2.8k support level, which has now become a crucial support point as the market recovers from this week’s crash.
The main question is whether the current price action will break this resistance, but Ethereum’s confidence has gradually increased, recovering from the weekly low and closing strongly bullish. This rise suggests that a potential breakout above support is imminent.
A short dip below $2.8K could be considered a false breakout, indicating a potential reversal as the price quickly moves back above this level.
Source: Trading View
Token Summary
Modern analysis of Ethereum The ecosystem suggests that ETH could break the $2.8k resistance level as confidence grows.
Currently, 66% of all holders are profitable, and 51% of ETH is concentrated among the top holders.
Source: IntoTheBlock
Ethereum’s price closely follows Bitcoin with a correlation coefficient of 0.85, and 74% of holders have held their assets for more than a year.
Last week, the total transactions that exceeded $100,000 reached $53.67 billion. These factors indicate a strong possibility that Ethereum will break through this critical resistance level, reflecting the increasing confidence in the asset.
Signals on the chain
Ethereum on-chain indicators show a neutral stance for both buying and selling. Network growth remained steady at 0.23%, with a slight decrease in in-the-money transactions of -0.44%.
Source: IntoTheBlock
Read Ethereum (ETH) Price Prediction 2024-25
Concentration and large transactions also remain neutral, with readings of 0% and 2.02% respectively.
However, the futures market is showing a slight bullish momentum of 0.5%, suggesting that Ethereum may soon break the $2,800 resistance level as confidence grows in the Ethereum Assets are growing.
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