Ether reversal extends further on the downside

Yesterday it was noted here; that Ethereum (ETHUSD) was tracking lower, after it failed to make any lasting progress over the weekend. The second largest cryptocurrency fell close to the $1600 handle as the wider US markets drew to a close. A brief rebound to above 1650 earlier today has long since blown out and now the price has fallen below 1600 for the first time this week. The low seen so far has been set just now at 1566.80. The 21 day moving average that has defined the most recent gains is still rising and now much closer to the prevailing price action. It is in place right now at 1506.40. This might yet be put to the test today if the current move lower does extend further. ETHUSD is currently trading at 1572.40