Ether rebound soon fizzles out as price slumps below $3,150

Earlier today an update here noted that the current chart configuration in Ethereum (ETHUSD) was indicating the possibility that a further rebound might unfold as the price appeared to have formed a base around 3,150 over the past day or so. Well, since then it has not and now the price has fallen back below 3,200 and close to 3,150 as this update is being typed. It was noted here earlier; that a drop back below 3,150 could put the whole prognosis of a recovery in jeopardy and that is what is happening right now. So, far Ether has managed to cling to that 3,150 level but it is under immediate threat. The question of how much further it might drop below that price point is an open one, but it does not look too clever just now. In fact, as I type the price has just fallen sharply below 3,150 and dropped immediately to around 3,112 in a move that seems driven by fresh system based selling through 3150. ETHUSD is just now trading at 3,115