Ether steadies for now after heavy hit last night

Yesterday the inexorable rise in the price of Ethereum (ETHUSD) seemed to continue. The second largest cryptocurrency seemed determined to continue to try and become the first as it rose above $4200 for the first time in its short history. The price reached $4207. It was already turning a little lower when a technical break coupled with one or two spurious headlines sent it charging lower yesterday evening. The price evaporated through $4000, dropping precipitously to as low as 3674. Having said that, the subsequent rebound back above 4000 was almost as rapid too. A short while ago it fell back below 38k again, but is has just lifted in recent trade, recovering back above 39k. However, and taking into account that move last night and all the recent gains too, it might be very unwise to assume this will not have another look lower today because increasingly the longer term chart suggests the most yesterday evening might just be a taster of what is to come. ETHUSD is currently trading at 3886