- Greed remained dominant as the price of crypto assets fell.
- BTC has been sipping and holding below its support levels.
The recent fall of the main crypto assets such as bitcoin [BTC] and Ethereum [ETH] has sent shockwaves through the crypto industry.
While traders were closely monitoring price trends, the Fear and Greed Index indicated that sentiment remains positive for now.
Fear and Greed Index Remains Positive
An Analysis of the Crypto Fear and Greed Index
showed that despite the falling prices of most cryptocurrencies, a sense of optimism persisted.
The index indicated a state of greed, with a current rating of around 64%.
However, an analysis of the glass coin chart showed that the level of greed was decreasing at the time of this publication. The day before, the index was around 74.
This suggested that while crowd sentiment remains positive, it is becoming less optimistic.
Source: Coinglass
AMBCrypto’s analysis of Bitcoin and Ethereum price trends explained why the Fear and Greed Index has been trending the way it has in recent days.
How Bitcoin Affected the Index
Bitcoins price trend showed that the $65,000 price range had served as a long-term support level. However, the recent downtrend has broken this support.
The analysis noted that Bitcoin finally broke below the support line on June 18, when the price touched $65,152 after a 2% drop.
Source: TradingView
Its Relative Strength Index (RSI) also indicated that it remained stuck below the neutral line, suggesting a strong bearish trend at the moment.
While the sentiment of the Fear and Greed Index remains positive at the current price, it could fall if the price of Bitcoin falls further.
The effects of Ethereum on the index
Ethereum The price trend showed that it has decreased in the past few days. However, unlike Bitcoin, its support level has held despite the declines.
The chart indicated that Ethereum fell less than 1% on June 18, and its price fell to around $3,482. At the time of writing, it has risen more than 1% and is trading at over $3,500. .
Source: TradingView
Read Bitcoins [BTC] Price prediction 2024-2025
While the price of BTC has declined and could bring down the Fear and Greed Index, the overall price trend has helped it stay balanced so far.
However, given BTC’s dominance, a further drop in its price could send the index into panic mode.
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This is an automatic translation of our English version.
