Bitcoin (BTC) Fear and Greed Index Back to Neutral Zone for First Time in 17 Weeks
As Ethereum (ETH) and Bitcoin (BTC) are struggling with major levels of resistance, crypto sentiment indexes are getting back to "Neutral" zones.
Crypto "Fear & Greed" index jumps to early April levels
According to the estimation of Alternative, for the first time since April 6, 2022, the cryptocurrency "Fear & Greed" index is at 46/100. While it is still below 50/100, the analysts are treating this metric as "Neutral."
Bitcoin Fear and Greed Index is 46 - Neutral
— Bitcoin Fear and Greed Index (@BitcoinFear) August 13, 2022
Current price: $24,406 pic.twitter.com/alELML0cVE
As such, this crucial indicator of Bitcoin (BTC) sentiment managed to shrug off the losses caused by the Terra (LUNA) collapse and the subsequent dramatic plunge of crypto prices.
Alex DovbnyaIn June 2022, the index briefly plummeted to 6/100, which indicated a level of fear unseen in many years. Only one week ago, the index was at 30/100.
Yesterday, Bitcoin (BTC) tried to reclaim the $25,000 level for the first time in two months. Ethereum (ETH), the second cryptocurrency, jumped over $2,000.
Bitcoin (BTC) and Ethereum (ETH) holders who were lucky enough to buy the bottom in mid-June 2022, are now up 40% and 100%, respectively.
Traders are optimistic ahead of Merge
In the last days, the crypto market's sentiment is positive as many holders expect prices to rally after the Merge activation by the Ethereum (ETH) mainnet. This game-changing event is expected to happen on September 15.
Vladislav SopovHowever, trader Avi Felman warned that this euphoria might be dangerous. Typically, big rallies do not happen right after a major tech upgrade.
As covered by U.Today previously, BitMEX co-founder Arthur Hayes indicated the scenario that would allow the ETH price to rocket after the Merge.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Related articles
Godfrey Benjamin
Valeria Blokhina
Dan Burgin