Ethereum price analysis: ETH/USD supported by the trendline; Joseph Lubin says the community is focused on development, not price
- Ethereum recovered from a critical support level.
- Ethereum's co-founder speaks about coin's price.
Ethereum is trading at $440 after having touched $425 on Wednesday. Sloping long-term trendline broken on July 4, serves as a good support area for the second largest coin with current market value $44.4B. Ether's average daily trading volume is registered at $1.38B against $1.44B the day before.
Ethereum's co-founder Joseph Lubin said that the community is not preoccupied with the price fluctuations; however, he admitted the benefits of increased attention to the coin.
"We let price take care of itself," he said in the interview with CNBC.
"If the price is high or if price shoots up and down, it’s actually great for us because it draws attention to our ecosystem, it draws entrepreneurs, it draws technologists and all of that interest drive fundamental value."
Earlier, Lubin announced that the Ethereum project is moving on, building out its new infrastructure.
Ethereum's technical picture
Looking technically, ETH/USD is capped by 50-SMA at $441 (1-hour chart). Once it is cleared, the recovery may be extended towards $460, which is a critical Fibo retracement level. On the downside, the support is created by the trendline mentioned above, currently at $419, followed by psychological $400.
Author
Tanya Abrosimova
Independent Analyst
