- ConsenSys is in the middle of letting go about 36 startups within its umbrella.
- The market has begun trimming gains accrued throughout the week.
Employees of an Ethereum-centric development syndicate, ConsenSys are on verge of starting the new year jobless. The development consortium was developed by the co-founder of Ethereum Joseph Lubin and since its inception, it has been very instrumental when it comes to the development within the Ethereum network.
ConsenSys has existed as long as the Ethereum project has. Unlike the years before 2018 where it functioned without hiccups, the group began experiencing operational difficult following the market slump this year. The development consortium has already laid off 13% of its 1,200 staff members. However, in spite of the cut, the firm is not in the clear and is still struggling to stay afloat in spite of Lubin’s over $200 million wealth.
A recent report published by The Verge indicate that ConsenSys is in the middle of letting go about 36 startups within its umbrella. In fact, sources within the firm indicate that half of the 1,200 employees risk losing their jobs. This move will help the firm bring down its yearly budget, estimated to be close to $100 million. The Verge said in a tweet on December 20:
“ConsenSys plans to spin out most of its startups, and it’s going to mean layoffs.”
Ethereum price technical picture
The market has begun to trim the gains accrued throughout this week. Apart from Bitcoin Cash (BCH) which is still in the green, most of the top 20 assets are dancing in the red. Bitcoin is down 2.26% on the day and has dropped below $4,000. Ethereum, on the other hand, is not being spared from the current drop with losses hitting 2% on Friday.
The chart shows a continuous bear candle that is erasing the gains that saw Ethereum brush shoulders with $120. The asset has broken below $115 (was a possible support) and is now valued at $114.6. ETH/USD has been recording higher highs and higher lows over the last four days. The current slide will encounter another support at $110 while a stronger support exists at $100. Ethereum is still trading above the moving averages to show that the bulls are still present. Besides, if the price stays above the trendline, the bulls will have time to gather momentum to break above the $120 resistance level.
ETH/USD 2-hour chart