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- Greed remained king as crypto asset prices fell.
- BTC has sipped and remained below its support levels.
The recent decline in major crypto assets such as Bitcoin [BTC] And Ethereum [ETH] It sent shockwaves through the cryptocurrency industry.
While traders closely monitor price trends,… Fear and Greed Index He pointed out that sentiment remains positive at the present time.
The fear and greed index remains positive
Cryptanalysis Fear and Greed Index It showed that although the prices of most cryptocurrencies have declined, there is still a sense of optimism.
The index indicated a state of greed, with its current rating standing at around 64%.
However, analyze the chart on Quinglass It showed that the level of greed was decreasing at the time of publication. The previous day, the index was around 74.
This indicates that although public sentiment remains positive, it has become less bullish.
Source: Coinglas
AMBCrypto’s analysis of Bitcoin and Ethereum price trends explained why the Fear and Greed Index is trending the way it has in the past few days.
How did Bitcoin affect the index?
Bitcoin The price trend showed that the $65,000 price range was a long-term support level. However, the recent downtrend has broken this support.
The analysis indicated that Bitcoin finally broke below the support line on June 18, when the price reached $65,152 after a 2% decline.
Source: Trading View
The Relative Strength Index (RSI) also indicated that it remained stuck below the neutral line, indicating a strong downtrend at the moment.
While feelings Fear and Greed Index It remains positive at the current price, and may decline if Bitcoin price declines further.
Ethereum effects on the index
Ethereum The price trend showed that it has declined in the past few days. However, unlike Bitcoin, its support level has remained stable despite the declines.
The chart indicated that Ethereum fell less than 1% on June 18, with its price falling to around $3,482. As of this writing, it is up over 1% and trading at over $3,500.
Source: Trading View
is reading Bitcoin [BTC] Price prediction 2024-2025
While the price of BTC has declined and could lower the fear and greed index, the overall trend has helped the price remain balanced so far.
However, given Bitcoin’s dominance, further decline in its price could push the index into panic mode.
