$1550 hold fast again for ETHUSD

Following on from the previous update on Bitcoin, a word about the most recent price action on Ethereum is also warranted. The second biggest cryptocurrency did follow Bitcoin lower, but as usual that was hardly a surprise. However, and despite dropping, the price action on the downside ran into some pretty solid buying ahead of the 1550 mark once again. That level essentially capped the downside (give or take) twice already earlier today and the third attempt also hit a brick wall. The recent low as set at around 1555. It has since reclaimed levels above 1600 again and the current extension could easily extend back towards the 1650 level once more. All the time that 1550 caps the downside that will remain a live prospect. However, should 1550 give way from now on, then a move towards 1300 will gather significant fresh momentum. ETHUSD is currently trading at 1607.50