Double bottom below $1400 sets up rebound for Ethereum

Ethereum (ETHUSD) fell to as low as 1365.26 yesterday. That was a huge change from the record high reached just last Saturday, when the price traded to as high as 2037.99. The price action yesterday was as frenetic as anyone could possibly deal with, even a robot might have had a good deal of trouble and probably blown a fuse or two at times. The set up yesterday of a clearly defined double bottom in place at 1365 and then at 1375 was the catalyst for the rebound later in the day and then again so far today. Ether has managed to trade back to as high as 1654.45, but its performance is not yet a guarantee that the current correction has run its course. Hence, it might be wise to see how the price action develops a little more from the current levels. Either way it looks like being another exciting day for this one, but whether or not it can match the same as seen yesterday is not yet certain. ETHUSD is currently trading at 1636.20