Ether still in an uptrend but technical risks remain

Yesterday the second largest cryptocurrency by market capitalisation, Ethereum (ETHUSD) set a new all time record high at $4,840. However, today it has slipped back, falling to as low as $4,679, from an earlier high at $4799. The price has rebounded off that low now and is pressing back towards 4,750 as this update is being typed. The move higher does need to extend though, or there is a risk of a moderately negative formation being set in place. That would be formation of what is known as a Fractal. It is composed of a middle daily (or any time frame really) bar being the highest, then surrounded on both sides by daily bars peaking below the high of the middle one. Now of course many of you will be aware of this kind of formation and besides it is yet to be confirmed either. That remains to be seen. The current uptrend since the end of September has been defined by the price holding well above its 21 day moving average on each and every dip in the price. That is still very much the case today and only a drop back below $4367 today would define that. Right now a $400 fall does not look to be on the table, but all the same, it is worth knowing where the price point is. ETHUSD is currently trading at  $4,737