Fear and Greed Index logged 38 at press time, reflecting neutral sentiment in the market from the extreme fear sentiment a week ago.
This sentiment indicates that Ethereum might soon test and possibly break the $2.8K resistance level, highlighting positive momentum for Ethereum and the broader cryptocurrency market.Ethereum recently broke through the $2.8K support level, which has now become a critical support point as the market recovers from this week’s crash.
The brief dip below $2.8K could be seen as a false breakout, indicating a possible reversal as the price quickly moved back above this level.Ethereum’s price closely follows Bitcoin with a correlation of 0.85, and 74% of holders have kept their assets for over a year.
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