Similarly, the Crypto Fear and Greed Index has recovered slightly, moving from an Extreme Fear reading of 16 to 23 (Fear) at the time of writing.
On-Chain Metrics Still Favor a Bearish Outlook for ETH
Despite this recent uptick, ETH is not out of the woods yet, as the price action will soon retest a former support area at $1,800 that could act as a strong ceiling and will provide evidence of sellers’ persistence if the price plummets right after hitting this mark.
Looking at on-chain data, we continue to see a steady decline in DEX volumes, as demand for DeFi applications and trading activity continues to be depressed.
Source: Original Article
