Ether holds crucial level again

The price action in Ethereum (ETHUSD) has certainly been challenging over the past few days. The second largest cryptocurrency came very close to taking out the May 12 low at 1705.95 on Friday. The low seen was set at 1712.12. The rebound on Friday afternoon from there took it back above 1800 once more. However, another attempt on the downside saw it drop to as low as 1704.66 on Saturday. Somehow though it managed to hold the noted and important 1700 level yet again and has rebounded back above 1800 today. The high seen earlier this afternoon was set at 1824.10. Now the prospect of a major double bottom was noted as a possibility here last Friday. In saying that at the time, some caution was added, as it might have been simply too early to reach such a conclusion. Well, the price action since, has sure given that prospect a further endorsement. There will be more to add on this tomorrow, but for now the rejection of a break below 1700 is clear for all to see. ETHUSD is currently trading at 1793.60