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Ethereum Fear and Greed Index Flashes “Greed” as ETH Price Soars By BTC Peers

by Mike Robinson

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Ethereum Concern and Greed Index Flashes “Greed” as ETH Value Soars

The favored “Crypto Concern and Greed Index” used to measure the market sentiment for main cryptocurrencies, is displaying a 62 on the size for , suggesting that traders are speeding to amass the main altcoin.

Amid the bullish market sentiment into the “greed” section, Ethereum skilled a 7.42% rise in the present day, transferring from $3,385 to $3,623. As of press time, the digital asset had retraced a bit to $3,542.

Again in August, the ETH Index entered the “greed” zone after flashing a 58. At the moment, Ethereum managed to surpass the $2,600 area, which occurred to be its highest value mark since mid-June. Nonetheless, the upsurge again then was partly as a result of the crypto group was anticipating the London arduous fork, which contained Ethereum Enchancment Proposal 1559 (EIP-1559).

Talking of EIP-1559, information from the Etherchain exhibits that greater than half one million ETH have been burned on the Ethereum community post-London. The fee-burning mechanism has had a constructive impression on the coin’s value and is giving ETH considerably of a deflationary edge.

Continue reading on BTC Peers

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