Key Points
- Despite a decrease in cryptocurrency prices, the Fear and Greed Index shows continued optimism.
- Bitcoin’s recent price drop has impacted the Index, while Ethereum’s stable support level helps maintain balance.
A recent decline in the price of major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) has caused a stir in the crypto market.
Nonetheless, the Fear and Greed Index indicates a positive sentiment among traders.
Fear and Greed Index Outlook
Despite the price drop, the crypto Fear and Greed Index suggests a continued sense of optimism.
Currently, the index shows a state of greed, rated at approximately 64%.
However, data from Coinglass suggests a decrease in this sentiment, with the index dropping from the previous day’s score of 74.
This implies that, while the overall sentiment remains positive, it is becoming less bullish.
Bitcoin and Ethereum’s Impact
Bitcoin’s recent price trend reveals that it has breached its long-term support level of $65,000.
This breach occurred on June 18th when Bitcoin’s price fell to $65,152, a 2% decrease.
The Relative Strength Index (RSI) suggests a strong bearish trend currently.
Despite this, the Fear and Greed Index remains positive, although further declines in Bitcoin’s price could affect it.
On the other hand, Ethereum’s price has also seen a decline, but its support level has held up.
On June 18th, Ethereum’s price dropped by less than 1% to around $3,482, but it has since increased by over 1% to trade at over $3,500.
While Bitcoin’s price decrease could potentially affect the Fear and Greed Index, Ethereum’s stable price trend has helped to maintain a balance.
However, given Bitcoin’s dominance in the market, further price drops could push the index into a state of panic.
