Crypto Fear and Greed Index shows ‘greed,’ but is the on-ground reality different?

• Greed remained dominant as the worth of crypto belongings declined.
• BTC has sipped and stayed beneath its assist ranges.

The current decline in main crypto belongings like Bitcoin [BTC] and Ethereum [ETH] has despatched shockwaves by the crypto trade.

Whereas merchants carefully monitored the worth tendencies, the Worry and Greed Index indicated that sentiment stays constructive for now.

Worry and Greed Index stays constructive

An evaluation of the crypto Worry and Greed Index confirmed that regardless of the decline within the costs of most cryptocurrencies, there remained a way of optimism.

The index indicated a state of greed, with a present ranking of round 64%.

Nevertheless, an evaluation of the chart on Coinglass confirmed that the extent of greed was reducing at press time. The day before today, the index was round 74.

This prompt that whereas the gang’s sentiment stays constructive, it was changing into much less bullish. 

Supply: Coinglass

AMBCrypto’s evaluation of the worth tendencies of Bitcoin and Ethereum defined why the Worry and Greed Index has trended the way in which it has in the previous few days.

How the Bitcoin affected the Index

Bitcoin’s worth development confirmed that the $65,000 worth vary had served as a long-term assist stage. Nevertheless, the current downtrend has damaged this assist.

The evaluation indicated that Bitcoin lastly broke beneath the assist line on the 18th of June, when the worth touched $65,152 after a 2% decline.

Supply: TradingView

Its Relative Energy Index (RSI) additionally indicated that it remained caught beneath the impartial line, suggesting a robust bear development in the meanwhile.

Whereas the sentiment of the Worry and Greed Index remained constructive on the present worth, it might drop if Bitcoin’s worth declines additional.

Ethereum’s results on the Index

Ethereum’s worth development confirmed that it has declined in the previous few days. Nevertheless, in contrast to Bitcoin, its assist stage has held regardless of the declines.

The chart indicated that Ethereum declined by lower than 1% on the 18th of June, with its worth falling to round $3,482. As of this writing, it has elevated by over 1% and was buying and selling at over $3,500.

Supply: TradingView

Learn Bitcoin’s [BTC] Worth Prediction 2024-2025

Whereas the worth of BTC has declined and will dip the Worry and Greed Index, the general worth development has helped it keep balanced to date.

Nevertheless, given BTC’s dominance, an additional drop in its worth might push the index into panic mode.