Ether breaks down below important support level

The price action in both BTC and Ether was already sending out alarm bells last night, as both the leading coins dropped back after the European close, with Ether leading the way lower then. Well, it has extended that downside move today. It has now fallen below the noted technical support level that has been highlighted here for some while now. That is the support that had been provided by the 21 day moving average. That was in place as of last night at exactly 4500. It has shifted a little right now, to 4495. However, that slight shift has not mattered because Ethereum (ETHUSD) has well and truly taken it out. The coin has tripped a whole raft of stops as it slid below this level earlier today. The drop has taken it to as low as 4,262 so far. It has rebounded somewhat right now, but all the while it remains below 4495 the risk of the downside momentum remaining in place is high. ETHUSD is currently trading at 4328