Crypto Weekly Update: Downtrend in Cryptocurrencies Resumes, Ethereum Remains Bearish

Ethereum remains in a bearish trend. However, Ripple has received positive news for its international payments services the past couple of days.

Cryptocurrencies Still Being Confronted since January Highs

Cryptocurrencies performed well early last week as sentiment seemed to stir positively in the footsteps of the G20 meetings, in which officials did not rattle the crypto markets with messages of doom, but instead spoke about the need for greater transparency and regulatory oversight – while actually giving Blockchain technology a nod of approval in some instances. However, the broad crypto market has seen a bit of a downturn the past few trading sessions. And the declines will leave some wondering if the downturn is a sign digital assets will not be able to escape the nosedive they have battled since mid-January.

Ethereum Struggles with Bearish Trend, Will Ether Collapse Continue?

Ethereum continues to struggle with a bearish trend and has shown little inclination to sustain a climb upwards in the short term. Ether is trading near 517.00 U.S Dollars per coin and has very important support near the 468.00 juncture. Should Ethereum dive below the mark of 468.00 it could aim for values not seen since late in November, when it was still trading in the vicinity of 370.00 U.S Dollars per coin. The broad cryptocurrency market has not been able to escape negative momentum, and Ethereum has collapsed since making highs early in January when it traded above 1300.00 U.S Dollars. For speculators anticipating upside, the 600.00 mark looks to be resistance.

Santander Banking Group and China Banks Deliver Good News for Ripple

Ripple has received a wave of positive news the past two days as China banking regulators have given their approval for some banks in the nation to begin using Ripple’s technology for cross-border payments. And the Santander banking group has announced it will likely begin to allow a Ripple application for international money transfers to be used starting late this spring for mobile devices. Ripple’s XRP coin is trading near sixty-three U.S cents today, which is near important support ratios.

Yaron Mazor is a senior analyst at SuperTraderTV.

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