Ethereum Fear and Greed Index Flashes "Greed" as ETH Price Soars
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Ethereum Fear and Greed Index Flashes "Greed" as ETH Price Soars

Saudu Clement
Saudu Clement

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.