- Ethereum feels the pain of the bearish pressure.
- Ethereum's co-founder says that the project moves to the next stage of its evolution.
Ethereum has lost over 5% since this time yesterday to trade at $435 to press time. The second largest coin by market value is under pressure due to Bancor hack attack and overall bearish sentiments of the cryptocurrency market. Its market value educed to $44.1B from $47.8 on Tuesday.
Meanwhile, Ethereum's co-founder Joseph Lubin announced that the project moves on to the next stage, which will make the whole ecosystem more scalable and mature.
"We're moving into a space where Ethereum can serve as the layer one trust system, and built into Ethereum we’ll have hundreds of thousands of transactions in the layer two systems and we’re going to see that ramified this year,” he said, speaking at the Rise conference in Hong Kong.
Looking technically, ETH/USD came close to the sloping long-term trendline, currently at $425. Once it is broken, critical $400 will come into focus. On the upside, the resistance is created by 100-SMA (4-hour chart) at $455, closely followed by $460 Fibo retracement.
ETH/USD, 4-hour chart