- “Our software developers, [are focused] on building infrastructure…” Lubin told CNBC.
- Ethereum price eyes higher consolidation, but a support above $440 is good enough in the short-term.
Ethereum price is currently staging a recovery after testing the support at $430. The virtual currency is making attempts to retrace steps towards the key resistance at $460. However, it is not easy as sellers are not ready to give up control in spite of the buyers yearning for a relief following the selling pressure.
While in an Interview with CNBC, Ethereum co-founder Joseph Lubin made it clear that the network has its focus on building the technology as opposed to monitoring price performance. He also noted that the price correction from the December 2017 highs is due to investor sentiments and that is has nothing to do with lack of trust.
“Our company consensus, and all the people in the Ethereum ecosystem, our software developers, [are focused] on building infrastructure. We let the price take care of itself. The price started at 20-25 cents a few years ago, and it surged quite dramatically. It makes a lot of sense that general fear-greed dynamics tend to cause overshoots and corrections, so we’re in great shape,”
Lubin went further to say that the company is focused on increasing the scalability levels for Ethereum network.
“We’re moving into an era of scalability for the Ethereum network. We have our trust layer—layer 1—and we’re adding layer 2 infrastructure in the form of state channels, sidechains, mechanisms like Plasma that enable our sidechains to have high transaction throughput—tens or even hundreds of thousands of transactions per second—that are secured by the layer 1 infrastructure that’s in place already.
Ethereum price technical picture
Ethereum price is trading a falling wedge pattern and eventually, there will be a breakout to the upside. The 50 SMA has crossed above the 100 SMA at $466, which means that higher consolidation is imminent. Applying technical indicators on the 1-hour chart shows that the buying pressure is present. $480 is key resistance zone and a breakout towards the coveted $500. In the meantime, a support above $440 is good enough to allow buyers to gather the strength for higher correction.
ETH/USD 1-hour chart
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