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

Oct 12, 2021


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

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

Amid the bullish market sentiment into the “greed” section, Ethereum skilled a 7.42% rise as we speak, shifting 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 worth mark since mid-June. Nevertheless, the upsurge again then was partly as a result of the crypto neighborhood was anticipating the London laborious fork, which contained Ethereum Enchancment Proposal 1559 (EIP-1559).

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

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