ETHER BOUNCES BACK FROM ONE-MONTH LOW
Ether rebounded sharply on Tuesday, but found itself near a familiar resistance after prices bottomed near one-month lows earlier in the week.
The ETH/USD exchange rate spiked nearly 6% to $303, according to Bitfinex. Prices reached a session high of $310 earlier.
Just hours prior, ether prices were down in the doldrums near $277 after a series of technical headwinds dampened the appeal of the world’s second-largest cryptocurrency.
Ether hit a record high of $400 last month before China launched an attack on the cryptocurrency market with bans on bitcoin trading and initial coin offerings. Ether has failed to return to those levels ever since, despite a broad rally in the market.
Ethereum founder Vitalik Buterin told a conference in Waterloo, Canada that the crypto revolution is still in its infancy. We are basically in “tokens 1.0,” he said, referring to the large majority of cryptocurrencies that are bound to fail in the coming years. But he did offer optimism about the future.
“I expect that tokens 2.0 and the kinds of things that people will start building in 2018 and 2019 will generally be of substantially higher quality. Especially once we start seeing what the consequences of the first wave of tokens are in the medium-to-longer term.”