In this pose, Buddha's meditation is being disturbed by 'mara', evil or fear. He is touching the earth to reconnect with goodness and find peace so his meditation will be fruitful.
The usual name for this image is "Buddha Dispelling Mara." When Buddhists, at least the Therevadans in Thailand, refer to "Buddha Dispelling Fear" the statue is standing with one hand raised and palm gently pointed out. In that image, the Buddha is dispelling the fear of those facing him.
The Buddha statue in the photograph is found at the ruins of Sukhothai, ancient capitol of Thailand. The photograph is available for purchase as prints, posters, cards and other merchandise at Suitable for Framing.