Ether licking its wounds so far today

At one point on Wednesday Ethereum (ETHUSD) was trading to as high as $1,829.87, As the US markets closed last night and Asian markets reopened, the second largest cryptocurrency slumped to as low as $1,547.20. That is a fall of more than 15% from the top to the bottom. Of course the move lower came from margin based redemptions, as in BTC this also impacted the price lower. It was all stop loss driven in that respect and if you look at a chart of the price action you will see that no prisoners were taken. The price has steadied since then and is currently trading broadly sideways so far today. The side below its 200 day moving average (now at $1,797.65) was also partly to blame, as indeed was the case with BTC too. So, all one-way traffic at a time in the market, during the twilight hours, when there was zero liquidity at the best of times. The rebound to as high as 1720.50 has been followed by price action this morning inside what is a range defined by 1,663 to 1696. ETHUSD is just now trading at 1,683