Ethereum News and ETH Price Chart: Ethereum Co-founder Lubin Says Market Situation Will Not Affect Growth. Monday, August 20
Important Ethereum Cryptocurrency News
Ethereum Co-founder Lubin Says Market Situation Will Not Affect Growth
In an interview with Bloomberg, the co-founder of Ethereum Joseph Lubin said that he doesn’t think the present slump in the cryptocurrency market will affect the growth of the sector calling the situation “little pimples on a chart” considering that growth has been exponential in the sector.
Lubin said that there is a correlation between the growth of infrastructure and the rise in the prices of cryptocurrencies, adding that a lot of people are coming in because they are aware of the potentials of digital currencies.
He emphasized that volatility and the associated rise and fall in market price has always been a feature of digital currencies since its invention in 2009.
He added that bubbles have always been good for the market since it helps generate attention.
Ether is Popular Among Phishers
The ERC20 that enables smart contracts and ICOs on the Ethereum platform has made ether the Ethereum currency the favorite of phishers that made $2.3 million in Q2 of 2018 according to reports from Kapersky Labs, the anti-virus and web security company.
“Cybercriminals continue using the names of new ICO projects to collect money from potential investors that are trying to gain early access to new tokens,” Kaspersky disclosed. “Sometimes phishing sites pop up before official project sites.”
Ethereum May Experience A Breakout Soon
Ethereum has failed to hold the $300 support and is presently trading at $288.65. The top altcoin however is consolidating in a symmetrical triangle based on technical analysis. It is obvious that bulls and bears await catalysts. The coin price is approaching the peak of the formation so a breakout is expected at any point.
Indications from the 100 SMA shows that the point of least resistance is located at the upside, however having fallen below the $300 psychological level, buyers will need more catalysts to buoy up the market.
ETH/USD Price Chart, Monday August 20th:
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