Ether rebound reaches next target

The rebound across the leading cryptocurrencies this morning following the positive weekend session, has led Ethereum (ETHUSD) to reach an important level. That price point was noted here many time in recent days and is at 3,356. This marks the 61.8% retracement of the whole downside move, from all time record high, at 4379, to the most recent low at 1701. The high set a little earlier today was at 3,358, and so the objective has been met. The question now is whether or not there is more upside in the current run? Well, that is not easy to answer right now, but the immediate chart configuration would not rule that out. Of course much will depend on the likes of Bitcoin and how the wider markets play out today in terms of more risk appetite. If that does unfold then it would be possible for the price to rise further towards the final major retracement objective. That is in place at 3,747. ETHUSD is just now trading at 3,336 as it backs away a little more from the earlier high