Ethereum developer charged with conspiracy; ETH/USD not affected

By January 11, 2020 Ethereum
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  • The authorities charged Ethereeum Foundation developer Virgil Griffith with conspiracy.
  • ETH/USD is little affected, stays rangebound after the recent losses.

The former Ethereum Foundation developer Virgil Griffith is formally charged with "conspiracy to violate the International Emergency Economic Powers Act," (IEEPA).

IEEPA regulates the trading relationship between the countries that may pose a potential threat to the national security of the United States. According to the court files, the prosecutors may arrest another defendant in this case

Notably, Virgil Griffith was arrested at the end of November on charges of illegally traveling to North Korea to participate in a blockchain conference in Pyongyang. He was accused of providing cryptocurrency-related consultations to the regime.

The news had little effect on cryptocurrency markets. Ethereum and other major altcoins have been consolidation losses incurred during Asian hours.

ETH/USD: technical picture

At the time of writing, ETH/USD is changing hands at $138.29, marginally higher from the intraday low of $137.79. On the intraday charts, the second-largest coin is supported by the lower line of 1-hour Bollinger Band at $137.80. Once it is broken, the sell-off is likely to gain traction with the next focus on $137.00 and SMA200 1-hour located on the approach to $136.10.

On the upside, we will need to see a strong move above $140.00 for the upside to regain traction. This resistance is followed by $140.70 (SMA100 1-hour) and $141.60 (SMA50 1-hour).

ETH/USD 1-hour chart

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ETH/USD is little affected, stays rangebound after the recent losses.

The former Ethereum Foundation developer Virgil Griffith […]

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