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Bitcoin Fear and Greed Index Returns to Neutral Zone for First Time in 17 Weeks

Bitcoin Fear and Greed Index Returns to Neutral Zone for First Time in 17 Weeks

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Answer Bitcoin Fear and Greed Index Returns to Neutral Zone for First Time in 17 Weeks

Bitcoin and Ethereum are both struggling with significant levels of resistance, as Bitcoin is trying to break through the $25,000 resistance while Ethereum is trying to stay above the $2,000 level.

Coinciding with the attempts of the major cryptocurrencies to break through their resistance, sentiment indicators are pointing towards neutral areas.

The Fear and Greed Index has jumped to early April levels as estimated by Alternative, and for the first time since April 6, 2022, the Fear and Greed Index toward cryptocurrency has reached 46/100.

While still below 50/100, analysts are treating this metric as neutral.

As such, this critical indicator of Bitcoin sentiment successfully ignored the losses caused by the Terra crash and the subsequent dramatic crash of cryptocurrency prices.

In June 2022, the index briefly dropped to 6/100, indicating a level of fear not seen in many years.

Just a week ago, the index was at 30/100.

Yesterday, Bitcoin attempted to regain the $25,000 level for the first time in two months.

While the Ethereum coin jumped above the $2000 level.

Bitcoin and Ethereum owners who got lucky to buy the bottom in mid-June 2022, their percentages are now up 40% and 100%, respectively.

Traders are bullish ahead of the Ethereum integration upgrade in recent days.

Crypto market sentiment is positive as many coin holders anticipate a price hike after the activation of the Ethereum merger upgrade.

This game-changing event is expected to happen on September 15th.

Read:Cryptocurrency firm Anchorage raises $80 million in new funding series

In a different way, the trader “Avi Felman” warned that this euphoria may be dangerous and contrary to expectations that see only the rise.

Read also:

Positive sentiment jumps crypto derivatives trading volume to $3.12 trillion

Developer of crypto-mixing platform “Tornado Cash” arrested in Amsterdam


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