Wirex Adds support Ethereum (ETH): ETH/USD jumps above $290 critical hurdle

Wirex announced today that the second largest cryptocurrency by market capitalization, Ethereum has is now supported on its wallet platform and debit card services. The firm is still celebrating the big win after being awarded the UK e-money license. Ethereum is a new addition to the platform that initially had support for Bitcoin (BTC), Ripple (XRP) and Litecoin (LTC). The users on Wirex can convert the above cryptos to a local currency and later spend the funds using the plastic card or the virtual card. Wirex co-founder Dmitry Lazarichev said in a comment regarding ETH support:

“As the second highest value cryptocurrency after Bitcoin [by market cap], the ETH wallet’s place on the Wirex app is indisputably deserved.” Dmitry added “We are pleased that we can now offer this popular crypto, but our product growth does not stop here. We have some interesting new services in the pipeline and our recently earned FCA e-money license has opened the doors for even more products and locations in the near future.”

Ethereum price technical picture

Ethereum extended the gains above the resistance at $286 after recovering from the support we discussed in the previous analysis at $284. The bulls also cleared the snag at the 23.6% Fib level with a drop from $301.68 to $283.45, which coincided with the 15-minutes 50SMA. A brief spike followed with ETH/USD stepping above $290 and forming an intraday high of $292.47. There was also a break above the bearish trendline (currently working as support), but the bulls could not sustain the trend above $290 hence a slide to $288 ensued. The 50 SMA currently at $287 will offer support but $286 and $284 will come in handy.