Ether takes a further hit

The noted failure of Ethereum (ETHUSD) to make a move back above $4000 again today was noted here in an earlier update. Well, since then it has lost more ground falling below 3800 and close to 3700 a short while ago. The move lower came as Bitcoin dropped back below 52k and closer to 51k, which left Ether with little choice but to capitulate further as the relative price between the two leading coins gained further in favour of BTC at the same time. It is hard to pinpoint just where this current move may run to, but obviously the price action in BTC is paramount at the moment and if it that does take out 50k to the downside, then it would be logical to expect a move loser to 3500 from here on in Ether. It is currently trading at 3783 having just now dropped to as low as 3724