The Crypto Fear and Greed Index, a popular tool for gauging market sentiment for major cryptocurrencies, shows Ethereum as “greedy” (pointing at 63 on the scale).
As the sentiment in the ETH market has shifted to “greed,” Ethereum, the second-largest cryptocurrency, has risen 7.42 percent today, rising from $3,542 to $3,623.
However, by now, ETH has dropped slightly, to $3,373.
On Aug. 1, when the Index was also in the “greed” zone, showing 58, Ethereum’s native cryptocurrency managed to rise and surpass the $2,600 mark, the highest price mark since mid-June. However, the top-tier altcoin was surging at the time because the community was anticipating the London hard fork, which included Ethereum Improvement Proposal 1559. (EIP-1559).
It was reported earlier today that 500,000 ETH in fees had been burned. The burning mechanism was introduced alongside the EIP-1559 upgrade and is making ETH more deflationary, which is also helping the coin’s price.