Ethereum edges back after technical breakout yesterday

Yesterday, it was noted here on the quick news; that Ethereum had set up a clearly defined double top just above 1755. The subsequent move lower stemmed from that price failure which is consistent with what such set ups often deliver. However, and as noted here many times previously, these double top formations can also become a potential target, if the price starts to head back towards them again. They can also, quite often provide the platform for renewed buying once the level is broken and that is exactly what played out later yesterday. The break back above 1755 has delivered a more than $100 extension since. This kind of price action is not unique to Ether either as it is something that once was the domain of the FX markets for the most part. It is now well established in the cryptocurrency sphere too so please do not ignore it. Anyway, the move in Ether today reached to as high as 1859.13 earlier this morning, but it is backing away again and could easily drop back underneath 1800. However, all the while 1755 now acts as support, then the topside may not be done with yet. ETHUSD is currently trading at 1823.50