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Ether takes out important support levels

21 Jan, 2022

Well, it is hardly a surprise given the noted slump in BTC since yesterday afternoon, but Ethereum (ETHUSD) has also taken it on the chin at the same time too. The second largest cryptocurrency has fallen back below $3000. As with BTC that slide came after it has first headed in the other direction. Ether also seemed to defy the Russian news yesterday afternoon as it lifted to as high as $3,272 right on the 4pm London FX fix. The subsequent drop back since has seen it slide to as low as $2,809 so far today. In making that move it has also taken out the previously noted interim low at 2,930. That earlier low had rejected a break below an important Fibonacci support level at 2,921. Well its cracked that level today with some venom. The next support level of any note is now the September 22 low at 2,652. The range seen to day so far has been covered by 2,809 to 3,106. ETHUSD is just now trading at 2,854

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