Ether drops back below 3,450

Earlier today the price of Ethereum (ETHUSD) did fall to test the noted support at 3,500, but rejected a break below that price point at the first time of asking. Well, now it has fallen through the level and it has recent just dropped back to now test the next support level at 3,450. This was the first technical level that it managed to break above earlier in the week and that led to the further rise above 3,500 and then to as high as 3,675 yesterday afternoon. Well, it is under pressure again right now and obviously there is a risk, that a sustained breakdown here could deliver some more downside. That is not set in stone by any means, but the fall back today is a further indication that the current corrective rebound might just be running out of steam. ETHUSD is just now trading at 3,449