The Crypto Fear and Greed Index, a popular tool for measuring market sentiment for major cryptocurrencies, is showing “greed”?for Ethereum (pointing at 63 on the scale).
As the sentiment in the ETH market has turned to “greed,” the second-largest cryptocurrency, Ethereum, has shown a 7.42%?rise today, growing from $3,542 to the $3,623 level.
However, by now, ETH has gone down a little, falling to $3,373.
Ethereum Fear and Greed Index is 62 – Greed
Current price: $3,563 pic.twitter.com/8uoz9vY9o8
— Ethereum Fear and Greed Index (@EthereumFear) October 11, 2021
On Aug.?1, when the Index also was in the “greed”?zone, showing 58, the native cryptocurrency of Ethereum managed to rise and surpass the $2,600 level,?the highest price mark since mid-June. However, back then, the top-tier altcoin was surging up as the community was anticipating the London hard fork, which contained Ethereum Improvement Proposal 1559 (EIP-1559).
Earlier today, it was reported that by now 500,000 ETH in fees have?been burned. The burning mechanism was introduced along with the EIP-1559 upgrade and?is making ETH more deflationary, which is also having a positive impact on the coin’s price.
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