Ethereum price analysis: ETH/USD sit quietly under $535 as Wells Fargo bans crypto purchases with credit cards
|- ETH/USD switched to consolidation mode after strong movements during the weekend.
- Wells Fargo joins the banks that forbid buying cryptos with credit cards.
ETC supporters celebrate upcoming Coinbase listing with stellar growth, but ETH/USD stalled just under $530 resistance as upside recovery from weekend lows proved to be short-lived. The second popular coin with current market capitalization $53.4B and average trading volumes $1.9B is changing hands at $528.95 amid directionless market.
Meanwhile, Wells Fargo customers are no longer allowed to buy cryptocurrencies with their credit cards. The bank explained the decision with the desire to protect investors from multiple risks related to volatile digital assets.
"We will continue to evaluate the issue as the market evolves. We're doing this in order to be consistent across the Wells Fargo enterprise due to the multiple risks associated with this volatile investment," Wells Fargo said in a statement.
The move is in line with general Wall Street trend, as some of Wells Fargo's peers have already banned the purchase of cryptocurrencies on credit cards.
ETH/USD, the technical picture
On the intraday level, the coin is moving within a range limited by 50 and 100-SMA (30-min chart) at $525 and $535 respectively. The ultimate support level is seen at $500. a sustainable movement lower will trigger more sell-off with the aim at this year lows ($364). On the upside, the next resistance is created by 200-SMA (30-min chart) at $566, followed by $600.
ETH/USD, 30-min chart
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