Main navigation

Ethereum Index Flashes "Greed" as ETH Price Begins Rising

News
Mon, 10/11/2021 - 11:57
article image
Yuri Molchan
Ethereum Fear and Greed Index flashes 62, showing that investors are in the "greed" phase
Ethereum Index Flashes "Greed" as ETH Price Begins Rising
Cover image via stock.adobe.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

The Crypto Fear and Greed Index, a popular tool for measuring market sentiment for major cryptocurrencies, is showing "greed" for Ethereum (pointing at 63 on the scale).

As the sentiment in the ETH market has turned to "greed," the second-largest cryptocurrency, Ethereum, has shown a 7.42% rise today, growing from $3,542 to the $3,623 level.

However, by now, ETH has gone down a little, falling to $3,373.

On Aug. 1, when the Index also was in the "greed" zone, showing 58, the native cryptocurrency of Ethereum managed to rise and surpass the $2,600 level, the highest price mark since mid-June. However, back then, the top-tier altcoin was surging up as the community was anticipating the London hard fork, which contained Ethereum Improvement Proposal 1559 (EIP-1559).

Related
SHIB Is Rebounding After Largest Dump in Token's History

Earlier today, it was reported that by now 500,000 ETH in fees have been burned. The burning mechanism was introduced along with the EIP-1559 upgrade and is making ETH more deflationary, which is also having a positive impact on the coin's price.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.