Ether still has downside potential

Yesterday it was noted here on the quick news; that Ethereum (ETHUSD) was still under pressure and not yet safe from another test of the $1000 handle. Well, following that update, the second largest cryptocurrency did fall further, to as low as $1,032 ahead of the wider US market close. A period of sideways trading then ensued for most of the Asian session today, with now further losses yet seen. The low in Asia today has been set at 1034.45. It has rebounded slightly from that low now, lifting back above 1,050. However, it is too early to assume that a test of $1,000 is not on the cards. It is also worth noting; that the rising trend line that was broken on this downside move is now coinciding with the 21 day moving average. Both are in place right now this morning at around 1145. Hence only a move back above those levels would tend to remove the threat of possible further downside to come. ETHUSD is currently trading at 1050, down from an earlier session high at 1058.60