Ether slumps again

Well, despite looking like it might be able to build further on another rejection of the 1705 level yesterday, Ethereum (ETHUSD) has slumped again. Yesterday the second largest cryptocurrency rose to as high as $1,917.46. The rebound in the dollar, lower US equity futures and rising US yields has dealt it another severe blow. It was the drop through 1850 that seemed to really set the ball rolling. Ether has fallen to as low as 1725 so far today, which means it has surpassed the low seen on Friday, at 1736 and once again this has brought that 1705 major double bottom back on the radar again today. However, it is trying to rebound as this update is being typed. So, 1705 has remained intact for now, but for how much longer can it cap the downside, all the while this kind of price action keeps repeating itself? ETHUSD is currently trading at 1751