The last two days have been positive for the cryptocurrency market in general. Today it was not different given that most of the coins are in the green. While some cryptocurrencies have increased compared to others, most coins have increased by two percent. Ethereum was no different in this sense, currently trading at $ 229 as the price has risen by around 5% in the last 24 hours.
What contributed to the increase in prices of Ethereum?
According to the coinmarketcap, the total market capitalization for cryptocurrency has increased by about 5% in the last 24 hours (from $ 212 billion to the current $ 223 billion). In this case, since Ethereum did not record a double digit percentage move, there is nothing in particular about the ETH that affected this move. Instead, we should ask ourselves why the cryptography market has increased overall by 5%?
The answer is very likely because Google canceled the ban on cryptographic ads two days ago. This means that you will now start seeing Cryptocurrency ads on YouTube and millions of sites using Google Adsense. One thing to note, is not that all services related to cryptocurrency will be accepted. Google has limited approval only for regulated exchanges.
After announcing in March 2018 that all advertising related to the cryptocurrency will be banned, the cryptocurrency market is moving downhill. Perhaps the reversal of the ban will finally end the 9 month long bear market.
In other news, Tom Lee, one of the greatest cryptor bulls, believes that a trend reversal is going on for Ethereum. According to CNBC, Tom Lee said in a letter to his clients: "We believe that Ethereum is going to stage a turnaround and bring together strongly".
Tom Lee has been known to make some crazy predictions, one of which is that Bitcoin will reach $ 22k by the end of the year. For now, we'll have to wait and see if his predictions come true or not.
Moving on to some technical analysis. ETH has strong support for $ 214, which has remained strong for two weeks. The RSI is at 57 and the current resistance stands at $ 240. If the cryptography market continues its price increase, ETH will receive a more positive momentum and could soon test the $ 240 .
Disclaimer: The above is for entertainment and training purposes only. This is not a trading or investment advice. Please do your own research before buying any cryptocurrency.
Ethereum Graphs of Tradingview