Ethereum's ConsenSys lays off staff, ETH/USD eyes new multi-month lows

ETH/USD shows no signs of upcoming recovery.
ConsenSys parts ways with 13% of its employees.

Tanya Abrosimova Independent Analyst

ETH/USD is changing hands at $84.56, down over 17% in recent 24 hours. The third largest coin by market value is gripped by bearish sentiments, caused by widespread panic in the cryptocurrency markets and fundamental internal developments.

Thus, Brooklyn-based Ethereum production studio ConsenSys lays off 13% of its staff in accordance with its recently announced change of priorities.

“Excited as we are about ConsenSys 2.0, our first step in this direction has been a difficult one: we are streamlining several parts of the business including ConsenSys Solutions, spokes, and hub services, leading to a 13% reduction of mesh members,” the company announced on Thursday.

The company has enjoyed rapid growth for four years and gathered about 50 startups under the wing.

Ethereum's technical picture

From the short-term perspective, ETH/USD is capped by $85.00. A sustainable move higher is needed to bring $90.00 and a critical $100 back in focus. Meanwhile, the Relative Strength Index (RSI) points to the downside, signaling that bears are still at the driving wheel. If they manage to push the price under $83.00 and to the Asian low of $82.15, the sell-off momentum may gain traction towards $80.00

ETH/USD, 1-hour chart

Author

Tanya Abrosimova

Independent Analyst

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