The popular “Crypto Fear and Greed Index” used to measure the market sentiment for major cryptocurrencies, is showing a 62 on the scale for Ethereum, suggesting that investors are rushing to acquire the leading altcoin.
Amid the bullish market sentiment into the “greed” phase, Ethereum experienced a 7.42% rise today, moving from $3,385 to $3,623. As of press time, the digital asset had retraced a bit to $3,542.
Back in August, the ETH Index entered the "greed" zone after flashing a 58. At that time, Ethereum managed to surpass the $2,600 region, which happened to be its highest price mark since mid-June. However, the upsurge back then was partly because the crypto community was anticipating the London hard fork, which contained Ethereum Improvement Proposal 1559 (EIP-1559).
Speaking of EIP-1559, data from the Etherchain shows that more than half a million ETH have been burned on the Ethereum network post-London. The fee-burning mechanism has had a positive impact on the coin's price and is giving ETH somewhat of a deflationary edge.