Ethereum Breaks Support Level

23w
4:53
Description

Ethereum held its own several weeks ago when almost every other cryptocurrency started its fall but it finally succumbed to the pressure. Dropping to a low of 566.12 on February 6th, the 2nd most traded cryptocurrency has seen its own downtrend come in strongly. Although transaction volume with ethereum has continued to rise - as well projects based on its blockchain – the overall mood is one of cryptocurrency regulation. Central banks and the largest private ones in the U.S. and UK have teamed up with credit card providers and imposed bans on transactions with digital currencies. Positive news is also coming out at the same time with Singapore, Australia and Japan continuing their tolerable approach to the crypto phenomenon but right now it doesn’t seem to outweigh the negative sentiment. Sellers are in control and managed to push ethereum through a critical trend support level at 795 and right now this is the main battleground between them and the bulls.