Ether holds support level

Last Thursday Ethereum fell back below $4000. The second largest cryptocurrency by market cap fell to as low as $3,960. It then set in place a clearly defined interim double bottom at that level at the start of the Asian session the following day. The subsequent rebound on Friday, to back above $4,300 by the time of the wider US weekly market close was extended upon in weekend trading, but in real terms not by very much. Ether peaked out at 4,438 very late on Saturday evening and since then it has been falling back since yesterday afternoon, when another attempt to extend beyond 4400 failed. That has helped it drop back to as low as 4129 earlier today. Of course it is holding ground above 4000 and more importantly, above that 3,960 level too. Now despite trading to 4129 earlier today, it looks like the 50 day moving average (now at 4133) has capped the downside run for the time being. All the while that remains intact there is potential for another rebound, but if it does not, then a sustained break below the 50 day moving average from now on could threaten the base line support at 3960. ETHUSD is currently trading at $4205