Ethereum co-founder Joseph Lubin reckons the “sky is not falling”

• Joseph Lubin made several positive comments to calm down the market after lay-off news.
• ETH/USD defies gravity, gaining over 17% in recent 24 hours.

The co-founder of Ethereum Joseph Lubin believes that the cryptocurrency market has reached the bottom.

“I am calling the cryptobottom of 2018. This bottom is marked by an epic amount of fear, uncertainty, and doubt from our friends in the 4th and crypto-5th estates,” he wrote in his Twitter account.

These comments added to the optimism about ETH, despite the recent news about ConsenSys massive layoffs and restructurings.
Lubin sought to calm down the panic triggered by the news, reiterating his optimism about the company’s future:

“The sky is not falling. From my perspective, the future looks very bright. […] Peaking [sic] into 2019, if you could see the landscape through my eyes, you’d have to wear shades,” he added.

Meanwhile, Ethereum is one of the best performing digital assets out of top-20. The coin gained 17% in recent 24 hours to trade above critical $150.00 handle. Ethereum’s market value surpassed $15.5B, though it is still in the third place, below BTC and XRP. The average trading volumes spiked to $4B during early Asian hours, while the most active trading is taking place at Bitfinex.

Ethereum’s technical picture

On the daily chart, ETH/USD broke above DMA50 since the beginning of November. The breakthrough increased the upside momentum on a thin holiday market, allowing the price to move towards the intraday high at $154.15. The coin retraced to $150.60 by the time of writing, but the short-term trend remains positive as long as the price stays above $136.86 (the above-said DMA50).

The Relative Strength Index is approaching overbought territory, though there are no signs of reversal as of yet.

ETH/USD, the daily chart

Source: fxstreet