Ethereum Price Gets Boring Amid Spiking wETH Bankruptcy Concerns
- Ethereum price has hovered between $1K and $1.3K since the 9 November crash.
- A breakout beyond the descending trend-line connecting swing peaks printed since 10 November might trigger an upside to $1.4K.
- wETH bankruptcy rumors that began as a joke still dominate Twitter.
Ethereum (ETH) shows an absence of volatility, with the leading alt hovering beyond a critical support zone. An upside move remains unlikely until ETH conquers another substantial obstacle. Thus, Ethereum sees continued consolidation as it awaits BTC’s signals.
wETH De-peg & Bankruptcy Rumor
the wETH de-peg/insolvency rumor began as a joke from Cygaar, a Twitter user, on 27 November. Ironically, the Twitter user had highlighted (on 26 November) how wETH will never be bankrupt. He added that the comments were only to see who has been following his content.
The joke blew up as most ETH community members added their Twitter comments. That attracted mainstream media platforms such as Bloomberg to address the rumor. Though many in the community know this, more are unaware.
ETH Price in Tight Spot
Ethereum’s price gained 8.4% after the MRI (Momentum Reversal Indicator) printed a buy sign on 22 November. Meanwhile, market participants had anticipated the move. Nevertheless, the minor uptrend that pushed Ethereum to $1,235 could not extend its ascent.
The sideways movement had ETH price stick beyond $1,155 and a plunging trend-line of 10 November. A decisive breakout past this hurdle will confirm the bulls’ readiness for an upward trip. Such cases can see ETH price soaring to sweep the $1,290 & $1,350 equal highs. Nevertheless, amplified buying momentum can push the alt towards the psychological mark of $1,400.
While things appear optimistic for ETH, breaching the support floor of $1,057 will form a lower low. Such a narrative shift will cancel the bullish case and favor bearish tendencies. That can see the leading al revisiting the foothold at $998.
Market participants should be careful when interacting with Ethereum. Moreover, the broad market assessment remains essential for profitable undertakings. Bears govern the crypto world, and time will reveal what the space will have next.
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