Ethereum break below $1750 extends towards $1650

Yesterday it was not just Bitcoin that fell foul of a technical move lower because its number two counterpart did exactly the same. Ether finally made a move out of the most recent 1750-1850 range and that breakdown has delivered an almost $100 extension to the downside so far. The move lower has in fact just now broken below the 50 day moving average. That is in place right now at 1659.50 and has not been broken since the beginning of March. The fall today also accelerated earlier on when Ether, just like Bitcoin, took out the 21 day moving average (1703.85). The move lower today is clearly stop loss based in part, and comes from a repeated stalling in the upside price action, that saw positive momentum simply run out of gas. The question now is whether or not that implies a new 1650-1750 range, or the start of one that has got even more downside potential. The clear risk would be a close below 1659.50 tonight delivering a greater move back towards 1500. All the while that 1703 and 1750 hold the topside, then that remains a live prospect. The range so far today for ETHUSD has been set at 1652.22 to 1713.70. It is currently trading at 1668.20