Ether holds onto 4k in Asian trading

Yesterday the outlook for Ethereum (ETHUSD) did not look too positive once it broke down below its 21 day moving average. That break was reported on here and it was no surprise to see the price tail off once that level gave way. The low print yesterday was set at 4,110 and at that time it looked like it might even threaten a break below the important 4,000 level. That is an important level because yesterday it defined the price point of the 50 day moving average. Well, in the event it held that level comfortably and rebounded back above 4,300, to as high as 4,346 just ahead of the 4pm London FX fix. However, it has fallen back again today, dragged down by a similar move in BTC. The low print seen so far has been set at 4,067. Now that 50 day moving average is still rising and comes into play today at 4,023. So, it has held again so far. Meantime, on the topside, only a recovery back above the 21 day moving average (now at 4500) will reverse the immediate trend lower. ETHUSD is currently trading at 4,155