Ethereum is showing some life today as part of a broader crypto rebound to start the week. It traded as low as $1043 early in Europe but is up to $1123 and up 5.2% on the day.
That doesn’t change the ugly decline since the start of April but it’s a sign of life.
The crypto lending space is getting cleaned out at the moment and there are lingering fears that there will be more shoes to drop as a result of the price drop/3AC implosion. The lender Vauld today froze withdrawals and hired a restructuring team.
The hope with any bottoming trade is that all the bad news is out there. The fear is that there will be more troubles to come, especially after Sam Bankman-Fried said other firms are effectively bankrupt.
Given that, it’s a fertile time for rumors and they were spreading quickly on the weekend with social media users urging others to pull their coins from exchanges. I imagine the busiest teams at most firms right now are the ones processing withdrawals.
Despite all that, the price of ETH is up today and at a five-day high. If something can’t go down on bad news and sentiment, then maybe the sellers are exhausted.
