Ether still resisting the breakdown

Following on from an earlier update here, where the current rebound in Bitcoin was covered, the fall that also played out in Ethereum (ETHUSD) has also now been reversed. The second largest cryptocurrency dropped to as low as $1,744.48 earlier today, after failing to make any headway yesterday. Once again that fall took it closer to the noted and extremely important support level at 1705. However, and yet again it seems to have found some buyers at lower levels. Not for the first time, the question is again asked here; just how many times can this price action be repeated before a more directional move takes place, one way or the other. The rebounds are all well and good, but they are not lasting either. The risk here remains with the downside until there is clearer evidence that risk has been removed. Also worth noting is the 21 day moving average. That has capped almost every rebound for the past couple of weeks and it is still falling. Its in place right now at 1857.60. The high seen so far today has been set at 1802.35. ETHUSD is currently trading at 1794