Ethereum price has eased after extending the week’s gains earlier on Thursday. The altcoin’s price trend is comparable to that of Bitcoin. The latter asset, which is the leading crypto, has eased at around $48,000 after surging by 10.59% since Monday.
Notably, the fear that has defined the crypto market for a week now appears to be fading away. The crypto fear & greed index has risen from a fear level of 45 in the past week to a neutral of 53. In the previous session, it was at 49 while still remaining at the neutral side of the spectrum.
Notably, the improved sentiment has boosted the global crypto market cap by 2.60% to $2.18 trillion according to CoinMarketCap. ETH’s trading volume is down by 6.21% over the past 24 hours while its market cap is up by 5.28% at $421.67 billion.
Ethereum price is rallying for the fourth session in a row. Since Monday when it hit a one-week low at 3112.64, the crypto has surged by 15.68%. At the time of writing, it was down by 0.61% at 3,593.26.
On a two-hour chart, ETH is trading above the 25 and 50-day exponential moving averages, which is a bullish sign. The crypto will likely hover around the resistance level of 3,600. Subsequently, it may pull back to the prior support level of 3,500 before returning to its rallying. However, this thesis will be invalidated by a move below the support level of 3,443.05, which is along the 25-day EMA.