Ether extends technical break below $1,705 in weekend trading

For a long while regular readers here will have been surely aware of the importance of the $1,705 level in Ethereum (ETHUSD). After all, it was a level that was flagged up here many times in recent weeks. It was noted here on Friday; that such a break of 1,705 looked imminent, and if it did happen, then it would be extremely fast. Well, that is exactly what happened, as the second largest coin tumbled through that price point, shedding more than $60 in just a few seconds. The further falls over the weekend has seen it drop to a low as $1,424.40 earlier today. That almost $300 fall below the important support level surely endorses all the warnings that were made here several times beforehand. Now, it has rebounded somewhat on Sunday afternoon, reaching 1550 earlier. Of course such rebounds are to be expected, but at no stage yet over the weekend has it come close to reclaiming levels back above 1705. There will be more to add tomorrow morning. Meantime, ETHUSD is currently trading at 1507