Main navigation

Ethereum (ETH) Burning Sets New High as Sentiment Booms: Details

Advertisement
Fri, 3/02/2023 - 11:47
Ethereum (ETH) Burning Sets New High as Sentiment Booms: Details
Cover image via unsplash.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The amount of ETH burned on Feb. 2 exceeded 3,000, which was a new high since Nov. 10, 2021.

According to Wu Blockchain: "The burning amount of Ethereum reached 3040 on February 2, reaching a new high since November 10 last year. The main burning sources are Uniswap and OpenSea. The cryptocurrency greed index has remained around 60 for several days."

According to data from Coinglass, the funding rate for ETH on Binance is still positive. To assess the sentiment of leverage traders, analysts monitor the funding rate. The more excited that traders are about price prospects and the more willing they are to pay a premium to maintain their upside bets, the higher the funding rate.

Advertisement

A mechanism to burn a portion of user fees was introduced in August last year via the Ethereum Improvement Proposal (EIP)-1559. In essence, the EIP ties network utilization to the amount of Ether burned.

ETH price action

According to data from CoinMarketCap, at the time of publication, the price of Ether was $1,644, a loss of 1.53% from the previous day. Yesterday, Ethereum reached $1,700 for the first time since Sept. 12.

According to estimates from Reuters, the U.S. nonfarm payrolls (NFP) data, which is set to be released at 1:30 p.m. UTC today, Feb. 3, is likely to reveal that the largest economy in the world added 185,000 jobs in January after a 223,000 job gain in December.

Related

In January, Ethereum (ETH) had a strong performance, ending the month with a gain of over 30%. It also started trading at levels last seen before FTX's sudden implosion as a result of the price increase.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD