The Crypto Fear and Greed Index has surged to a striking 83, signaling “extreme greed” among market participants.
This bullish sentiment has held strong over the past week, leaving investors to ponder whether the market is approaching a potential peak or if this is simply a temporary phase.
Meanwhile, Ethereum is demonstrating resilience, with a robust demand zone forming around the $3,000 mark.
This area has seen significant activity, as approximately 2.82 million wallet addresses have accumulated over 6.14 million ETH. This critical support level could serve as a launchpad for Ethereum to rally toward new highs if market conditions remain favorable.
Ethereum Spot ETFs Gets Investor’s Attention
Adding to Ethereum’s momentum, the Ethereum spot ETFs have seen unprecedented investor interest. From November 11 to November 15, these funds recorded a staggering $515 million in net inflows, setting a new weekly record. BlackRock’s ETF (ETHA) accounted for $287 million of these inflows, while Fidelity’s ETF (FETH) contributed $199 million.
Ethereum spot ETF had a weekly net inflow of $515m from November 11 to November 15, reaching a record high for a single week. Blackrock ETF ETHA had a weekly net inflow of $287m, and Fidelity ETF FETH had a weekly net inflow of $199m.https://t.co/Tvs2oCSxTg pic.twitter.com/W6eI4f9mmD
— Wu Blockchain (@WuBlockchain) November 18, 2024
These inflows underscore growing institutional interest in Ethereum, potentially boosting its price trajectory. However, with market sentiment at such elevated levels, traders and investors should exercise caution, as extreme greed often signals heightened volatility or potential corrections.
As Ethereum consolidates around its $3,000 support level and institutional demand surges, the market’s next move remains uncertain. Is this the beginning of a new bullish wave, or a signal that a correction may be on the horizon? Only time will tell.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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