Ethereum Investors Ignite Greed Sentiment Amid ETF Speculation

February 4, 2024 at 03:05 AM GST updated: February 4, 2024 at 02:43 AM 2 mins read News

Ethereum’s Fear and Greed Index jumps to 55, signaling a notable shift toward greed among investors.
The current Ethereum price stands at $2,314, reflecting a significant departure from the neutral sentiment observed since late January.
Speculation surrounding the potential approval of an Ethereum ETF adds bullish momentum to the market.

In a significant market shift, Ethereum’s (ETH) Fear and Greed Index has soared to 60. This movement marks a departure from the neutral stance that has characterized the market since late January, indicating growing confidence among Ethereum investors.

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The Fear and Greed Index, a tool used to gauge market sentiment, aggregates data from various sources such as volatility, market momentum, social media, surveys, and trends. A score of 60 signifies a move from neutrality to a state of “greed,” where investors may be more confident in the market’s direction.

Accompanying this shift in sentiment is Ethereum’s current price at $2,314, showcasing a gradual uptick from $2,218 on January 26. This price rise adds weight to the change in the Fear and Greed Index.

Fueling this optimism is the speculation surrounding the potential approval of an Ethereum exchange-traded fund (ETF). With a market cap of $275 billion and a 24-hour trading volume of $8.76 billion, analysts and legal experts are closely monitoring the possible approval of an Ethereum ETF.

Despite the bullish outlook from some, caution remains in the air. The uncertain nature of the US Securities and Exchange Commission’s decision-making process, coupled with the differing opinions on whether past Bitcoin ETF decisions set a precedent for Ethereum, adds an element of unpredictability to the market.

Meanwhile, based on CoinCodex’s Ethereum price forecast, an 8.20% increase is anticipated, projecting Ethereum’s value to reach $2,509.58 by February 8, 2024. In the past 30 days, Ethereum has experienced 15 out of 30 (50%) positive trading days, accompanied by a 5.46% price fluctuation.