Ethereum (ETHUSD) extends rebound

Much earlier today Ethereum (ETHUSD) fell to as low as 3,125. That drop equated to a fall of more than 25% from the record highs seen last week. That is surely a correction of some magnitude and underlines what was said about this one last week as it was again rising into critically overbought territory. Well, it is not overbought any more and that has allowed a rebound to kick into so far today. The price is pushing back above 3500 now and that is helping to lead some other coins back up with it. Perhaps not so much Bitcoin, but there are known reasons for that, as covered in some detail here previously. Now buying Ether on its own merits might be one way to go of course, but right now, given its current volatility, it might be just as well traded relative to Bitcoin. That is because it would appear that the gap between the two (in pure dollar terms) might have some way further to close in the days and weeks ahead. Meantime, ETHUSD is currently trading at 3,550