Ethereum bounced back earlier this week, but found itself trading in familiar territory against the dollar with very little impetus to continue higher.

Ethereum Price Levels

ETH/USD traded within a narrow range Friday morning, with prices maxing out at $298.55, according to Bitstamp. That gives the Ethereum blockchain a total market cap of around $28.3 billion.

The world’s second-largest cryptocurrency by market cap managed to turn things around mid-week, climbing toward $310 before falling back down again. Ether finds itself in a familiar trading range with few catalysts to carry prices higher. Immediate support is likely found between $290 and $295. The $305-$310 region is where the major resistance lies.

Prices rose above $340 earlier this month as the bitcoin rally carried the cryptocurrency market to near-record highs.

Ether has been in a perpetual state of decline against rival bitcoin for the better part of four months. The ETH/BTC cross currently trades at around 0.05. Ether has declined more than 60% against bitcoin since mid-June.

Tokens 2.0

Earlier this week, Ethereum founder Vitalik Buterin declared that 90% of tokens will fail. But rather than give a gloomy outlook, Buterin said the next phase of cryptocurrency startups will be better than ever.

He calls this phase, which will arrive sooner than you think, “Tokens 2.0.” Naturally, that means we are currently in “Tokens 1.0.”

Initial coin offerings (ICOs), the controversial crowdfunding model that is scaring the pants off regulators, have grown at a mind-numbing rate. Most of these ICOs are using Buterin’s network to launch their tokens. More than $2.3 billion has flowed into token crowdsales this year alone, dwarfing early-stage venture capital financing.

It’s uncertain exactly what “Tokens 2.0” will bring. Better ideas and more advanced technology are a given. The real question is the regulatory landscape that will underpin ICOs and cryptocurrency more generally. Nation-states are still feeling their way through this market and arriving at entirely different conclusions.