Ether down but certainly not out yet

The noted drop back in the price of Ethereum yesterday, saw it later extend that move below 1700. The second largest cryptocurrency has fallen back a little more today, which is consistent with the moves just noted in Bitcoin. The low seen so far today for Ether has been set at 1657.56. Now it is important to observe; that the low seen so far has stopped short of testing the 21 day moving average. That is in place right now at 1641.50 and it has capped any interim downside moves since July 16. If you look at a chart of that you will see what I am talking about. The 21 day moving average has now crossed above the 100 day too, as it is still rising. It crossed above the 50 day moving average some while back. So, 1640 looks like the line in the sand today for sure. ETHUSD is just now trading at 1679.15