Ether simmers down

Last night the rebound for Ether and BTC continued ahead of the wider US market close. Ethereum (ETHUSD) eventually rose back above $3,400. The high was set at 3,412. If one looks at the price action of Ether since its all time high last year, at 4,866, to its subsequent low at 2,930 earlier this week, the first major retracement objective comes into play at 3,387. Well it has already met that and the next, more likely level in terms of satisfying a technical rebound is in place at 3,670 (38.2%). Ahead of that resides the still rising 200 day moving average. That is in place today at 3,448 and is the first real test for Ether, if the current rebound can continue. The range seen so far today has been covered by 3,316 to 3,385. ETHUSD is currently trading at 3,338