Ethereum price recovering as Australian banks says no to bannning cryptocurrency transactions

The second largest cryptocurrency by market capitalization, Ethereum is trading at $672. Ethereum like most of the other cryptocurrencies continued in a downward trend Tuesday. Monday trading was also on a sloping trend and remained in the red.

Ethereum price has been declining from last week, and the price has dropped by over 9% since the opening of the trading session on Tuesday morning. The currency traded in the $600 range in mid-December 2017 and reached an all-time high on 13th January 2017 trading at $1,300. The cryptocurrency has been dropping in price from the third week of January to date. Recovery is not sustainable as the speculation in the market continues to affect the price due to the impending regulations of the cryptocurrency market by governments.

The cryptocurrency market on Tuesday received news that the major banks in Australia will not ban cryptocurrency transactions using its facilities like the credit cards. This news comes a day after Britain’s largest bank; Lloyds vowed to ban all purchases of cryptocurrencies using its credit cards sighting losses that could occur when the digital currencies lose value. The same step has been taken by various banks in the United States as well.

Australia and New Zealand Banking Group (ANZ) told ABC News that it “does not prohibit customers buying digital or cryptocurrencies, or accepting them as a form of payment.”

The bank’s spokesman added that the banks have to protect the interests of their customers. The said banks monitor cryptocurrency related transactions for illegal activities and fraudulent transactions. This is a shred of good news in the cryptocurrency market that has been walloped by bad news for almost four weeks now.

Ethereum price resistance level is at $700, and the immediate support level is at $700. The $500 mark is not far off either. Ethereum price is still in a bearish trend.

ETH/USD daily chart