Ethereum (ETHUSD) clings to 350 support

Yesterday, the rebound in the price of Ethereum (ETHUSD), above 350 looked like it could have some more dynamic traction. However, that rebound petered out well short of 360 and in fact struggled to hold above 355. That was a rather disappointing performance, and like its big brother, Bitcoin it has probably left a few longs pondering their holdings. That might explain the drop back below 350 a little earlier this morning. It is possible that some short term players have thrown the towel into the ring already. The price has just now rebounded a little, but the move is certainly not conclusive at all. The immediate outlook is therefore very uncertain. That is also as the price action continues to compress at a quite alarming rate compared to the elasticity seen in recent times. Eventually that will break again, but which way the flow will go is hard to tell just now. ETHUSD is just now trading at 351.90