Ether unable to hold rebound above $4k

On Tuesday Ethereum (ETHUSD) reclaimed the $4000 handle. It rather consolidated that move for most of yesterday too, but it did not make much progress. The second largest cryptocurrency stalled again ahead of its next technical resistance level. The high was set at $4,075 and it did not rise above its then 21 day moving average price level. That is still falling steeply and it is in place right now at 4,058. It is fast approaching the 100 day moving average too (now at 3953). Indeed, the price action today has seen the price fall back below that level, to as low as 3912 earlier on. So the technical picture is not very positive, as was just noted for BTC in an earlier update. Hence, the short term outlook remains negative set against the backdrop of a more positive longer term upward trend. The range seen so far today has been covered by 3912 to 4020. It is currently rebounding off that earlier low, just now trading at 3959