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Can Ethereum break the $2.8K barrier? Market indicators say yes!

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The Ethereum [ETH] Fear and Greed Index logged 38 at press time, reflecting neutral sentiment in the market.

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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