Ethereum Price Analysis: ETH/USD on the verge of a deeper decline
- Vitalik Buterin shares his views on Ethereum's ecosystem development.
- ETH/USD slides below $250.00, more sell-off in store.
Co-founder of Ethereum Vitalik Buterin believes that ETH ecosystem did not need him to exist and evolve. Speaking at ETHDenver hackathon conference on Saturday he shared his views on decentralized finance, the development of Ethereum 2.0.
I've tried to let the community debate," Buterin stated, adding that he has been off-hands for most debates in the community such as whether to unlock funds stuck in Parity's multi-sig wallet. There is definitely evidence that the community is able to resolve [its issues], he said.
Notably, he strongly believes in DeFi, especially in simple projects that bring value to users, like stablecoins, decentralized exchanges and synthetic assets.
Commenting Ethereum 2.0, he noted that the update would be launched as planned as the development had been "preceding quite quickly and regularly in the last few months."
ETH/USD waves farewell to $300
ETH/USD hit the recent high at $288.69 on February 15 and has been in retreat ever since. At the time of writing, the coin is changing hands at $247.00 with downside bias. In the recent 24 hours ETH has lost about 7.55% of its value.
On the intraday chart, ETH/USD is capped by SMA200 1-hour at $252.30. If this resistance is broken, the recovery may be extended towards psychological $260.00 and $261.50 reinforced by SMA50 1-hour.
On the downside, if $250.00 is sustainably broken, the sell-off may gain traction with the next focus on $240.00 and the recent low of $237.00.
ETH/USD 1-hour chart
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Author
Tanya Abrosimova
Independent Analyst
