ETH Fear and Greed Index at 64, Will Bulls Increase the Greed?

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.

Ethereum Fear and Greed Index is 64 – Greed
Current price: $1,646https://t.co/yoIKh1cz3rhttps://t.co/suxQVf8BBW pic.twitter.com/yEk2qdPony

— Ethereum Fear and Greed Index (@EthereumFear) January 30, 2023

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.

ETH/USDT 7-day Trading Chart (Source: CoinMarketCap)

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.

ETH/USDT 4-hours Trading Chart (Source: TradingView)

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.

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