Ether backs off after first look at technical resistance level

The rebound from yesterday in the price of Ethereum (ETHUSD) has been extended and the move really took hold once it recaptured levels above $2,630 yesterday. The further rise above the noted double top, in place just above that price point set up a move to as high as 2,797 earlier today. Since then it has backed off somewhat, but all the while it holds above that $2,630 level there is the prospect of further upside potential. Now the reason why it stalled at 2,797 earlier today looks entirely technical. That is because 2,798.87 is the 23.6% retracement of the move down, from the highs at 4,866.40, to the most recent low, at 2,160.22. Therefore, it kind of makes sense for there to be offers in place initially at that 2,798 level. The rejection of that price point at the first attempt saw it drop back to as low as 2,720 short while ago, but it is trying to rebound again right now, currently trading at 2,755