Ethereum and other Alt Coins continued to grow after G-20 Discussions: Most of the major cryptocurrencies gained for 2 days in a row on Tuesday after the finance ministers had a productive discussion about cryptocurrencies and other digital assets which took place at a G-20 meeting in Argentina.
Ethereum had bounced back after a support of level of $518. Even on Tuesday, it tested this level and but was able to end the day on a bullish note. This level is key as it was a resistance level in December 2017. There are some indicators that also suggest that digital coins are oversold and due for a rebound.
Despite this, we cannot be sure that the downtrend for digital currencies such as Ethereum has come to an end for good. As per the daily chart, the ETH/USD price remains bearish.
Ethereum still remains as the world’s second largest cryptocurrency after Bitcoin and has a market cap of over $55 billion.