Is the Coin Market Running Again? Fear & Greed Index 50→56, Bitcoin, Ethereum, Ripple 'Rebound Together'

▲ Bitcoin (BTC), Ethereum (ETH), XRP (XRP)/ChatGPT generated image ©

Bitcoin (BTC), Ethereum (ETH), and XRP (Ripple) are attempting a short-term breakout, rebounding in unison. While the Fear & Greed Index rose from 50 to 56 in just one day, signaling a revived risk-on sentiment, the Coinbase Premium Index, which indicates spot demand from US investors, remains in negative territory. This suggests that there is still a burden to confirm a full-fledged uptrend.

According to investment media FXStreet on September 18 (local time), Bitcoin recovered to around $78,000, and Ethereum rose for three consecutive trading days above $2,400, aiming to break above $2,500. XRP also climbed to $1.33, receiving support from its short- and medium-term moving averages. The Fear & Greed Index rose from 50 to 56 the previous day, entering the 'greed' zone. However, the Coinbase Premium Index turned negative this week while digesting recent Fed interest rate hikes, the US crypto market structure bill, and the failure of the Clarity Act to advance in the Senate.

CryptoQuant analyzed that Bitcoin's upward momentum slowed in the $76,000-$82,000 range, and the Bull Score also dropped from 80 to 60. Amid weakening US spot demand, exchange inflows for Ethereum and altcoins also increased. In particular, altcoin exchange inflows hit a 9-month high of 56,000 on September 8, identified as a factor increasing selling pressure. In contrast, Bitcoin's exchange inflows remained low.

Bitcoin is trading above its major Exponential Moving Averages (EMA), maintaining a short-term bullish structure. The 50-day EMA is at $73,869, the 200-day EMA is at $73,198, and the SuperTrend is at $72,788. The Relative Strength Index (RSI) is 56, indicating a slight bullish bias, but the Moving Average Convergence Divergence (MACD) is still in negative territory, suggesting that medium-term momentum recovery is ongoing. The short-term support level is $77,932, and if it breaks, the moving average zone of $73,869 and $73,198 is presented as the next support.

Ethereum is attempting to break above $2,500 from $2,488. The 50-day EMA at $2,291, the 100-day EMA at $2,169, and the 200-day EMA at $2,206 are all below the current price, supporting an upward structure, and the RSI recorded 57. However, the MACD histogram remains below 0, indicating that the recovery is not yet fully solidified. In case of a correction, $2,291 is the first support, followed by $2,242 and $2,206 as key defense lines.

XRP is trading above its 50-day EMA at $1.29 and 100-day EMA at $1.26, but the 200-day EMA at $1.36 acts as the first major resistance. With the RSI around 50 and the MACD histogram consolidating in negative territory, strong breakout momentum has not yet been confirmed. If it surpasses $1.36, $1.40 and $1.50 are presented as successive resistance levels, with analysis suggesting that a more distinct upward trend could open up only if $1.50 is consistently broken. Conversely, if $1.29 breaks, it could retest the support zone of $1.26 and $1.25.

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