Ether takes out $4,200 and heads towards a test of 4k

The rout in both BTC and Ether is extending further following the previous update on the break below 60k in BTC. That has now dropped very close to breaking below 59k, which it has now done, as more stops are tripped below that 60k level. The unravelling of the price action there has seen a corresponding move lower unfold in Ether too as that now falls below $4,200. The price action is rapid and that smacks of position liquidation and that is why it is so fast and fluid. The market in both is running for cover. Ether has in fact fallen closer to $4000 now this morning and ruling out a test of $4000 if this pace keeps up might be hasty. The moves lower come amid further warnings from Chinese authorities on BTC. ETHUSD has now fallen to as low as 4110 and it is currently trading at $4,150