Ether extends session gains to exactly reach the next resistance level

Earlier today, Ether was already rebounding above $4400 at the time of the previous update on its progress. Prior to that it had fallen back to as low as $4351 during the Asian session. Well, that recovery has really taken off again in recent trade. The price has lifted to as high as $4,642 a short while ago and the reclaiming of levels above its 21 day moving average has helped to propel the upside this afternoon. However, the exact reason why it has stalled at 4,642 appears to be technical because that exact price point is also a 76.4% retracement of the move down, from the record high at 4,866, to the most recent low at 3,918. It is possible that if this level has successfully capped the topside, then a further relapse from here might be about to unfold. ETHUSD is just now trading at $4,607