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  • Ethereum stays below $200 after Monday’s sell-off.
  • Co-founder of Ethereum Lublin doesn’t believe in crypto collapse.

ETH/USD is changing hands at $196.50, off Monday lows at $193.95. The second largest coin by market capitalization has lost nearly 4% of its value amid global cryptocurrency sell-off. Currently, the market cap is registered at $20.2B. An average daily trading volume is $1.4B.

Lublin doesn’t believe in crypto collapse

Cryptocurrencies are not on the verge of the collapse, Joe Lublin, co-founder of Ethereum, said in the interview with CNBC. He believes that the ecosystem of digital assets has never been stronger, which is confirmed by a number of projects and people that have been drawn into the crypto space.  

Speaking of the regulatory risks, Mr. Lublin explained, that the uncertainty might influence the price movements, but blockchain technology is fairly different in that respect as it creates decentralized infrastructure for different kinds of applications, including crypto assets like equities and securities. The expert believes that the industry managed to make a headway in reducing uncertainty in various jurisdictions around the world.

ETH/USD, the technical picture

Critical $200 handle was broken on Monday, opening the way to October 11 low of $186. If it is cleared, September 12 low at $167 will come into view.  

The recovery is capped by $200, which is followed by DMA50 at $212.40 and SMA200, 4-hour at $212.9. A sustainable move higher is needed to mitigate the bearish sentiments and pave way for further recovery towards the next target at $232 congestion zone.

ETH/USD, a daily chart