- Ethereum’s co-founder is optimistic about blockchain potential.
- ETH/USD is sliding down within a range.
Ethereum is changing hands at $209.60 handle at the time of writing, off the early Asian low registered at $207.60. Despite the downside movement, ETH/USD is considered to be rangebound as long as it stays above $200. The coin has lost 1.18% in the recent 24 hours and 0.5% since the beginning of Tuesday.
Joseph Lubin, the co-founder of Ethereum and the CEO of software-production company ConsenSys, believes that blockchain technology has a great potential that can create wealth.
“We are going to be more in control of our identity and our agency on these different decentralized networks and I think that’s going to create more wealth… more interest in expressing ourselves, and I think there will be more appetite for luxury than less,” he said at the New York Times Luxury Conference on Monday.
He is not the only one who feels that blockchain or decentralized ledger can change the world we live in. J.P. Morgan believes, companies that will use blockchain in a meaningful and useful way will benefit in the long run.
“Investors should be looking to identify where the opportunity to replace a middleman is the biggest, or where trust is needed where none exists, or what companies are the best positioned to offer blockchain as a service,” the bank’s J.P. software equity research analyst Sterling Auty wrote in a note to clients recently.
Ethereum’s technical picture
From the short-term point of view, the local support lies with $206.00 (SMA100, 4-hour) and $204.80 (SMA200, 4-hour). A sustainable movement below this area will expose a critical $200 handle, where a new buying interest is likely to emerge. On the upside, the recovery may gain traction once $212 resistance is cleared. This area is strengthened by SMA50 (4-hour).
ETH/USD, 4-hour chart
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