Ether suffers rapid technical correction

The sharp fall in Bitcoin noted here earlier today was not alone of course. Ether took a big hit at the same time too. The drop below $1800, then took out the 21 day moving average very rapidly indeed. That is in place right now at 1781.90. The move lower has extended to as far as 1721.45. That low compares to a high point at the start of the week at 2012.35. To be honest and from a technical perspective there is not much in the way of support this 1591. Let me explain what exactly that price point represents and why it might soon come onto the radar. You see, Ether just like BTC has enjoyed a pretty dynamic rally since basing out at 880.70 on June 18. The high since then was set at 2030.50. Hence, this relapse looks clearly like it is a correction of that more than 100% gain. The first significant Fibonacci retracement target of that entire upside move is 38.2% and that comes into play at 1591.25. That is not to say Ether is headed there, but it would seem very possible right now if this current correction continues. ETHUSD is just now trading at 1741.75 and the 1781.90 level might provide some resistance to any further rebound