Ethereum (ETHUSD) chart indicates further rebound is possible

Following on from reports on Bitcoin and Ripple this morning, the most recent price action in Ethereum suggests that it has some more immediate upside too. The heavy falls seen yesterday have set up a clearly defined interim double bottom just ahead of $480. The first drop to test that level yesterday morning (low 481.65) was later matched by another fall back close to that level after the 4pm London FX fix (low 483.05).  The subsequent rebound away from those two lows today has now extended to above $525 today. Naturally, if the price was to drop below $480 from here, then that would not be good news for ETHUSD. However, the price action suggests that the current basing out may lead to some more upside in the short term all the while that double bottom remains intact. The range so far today has been set at 513.25 to 530.90. ETHUSD is currently trading at 527.25