Ethereum (ETHUSD) holds onto $400 for now

Over the weekend Ethereum (ETHUSD) tried and failed to make any headway above 420. The price stalled short of breaking back above that level and subsequently fell back below 410. Today is has been under a degree of pressure again and a short while ago that led the price close to 400. However, and for the time being that level as capped the downside again this morning and it is trying to rebound again just now. There is a clear short term double bottom in place just above 400 now. Notwithstanding that, the failure to get above 420 and more importantly above 432 is a concern. That could infer that we are in for another clear out of long positions if the upside momentum is not regained soon. The PayPal news that pushed the price back above 400 is still being digested and some reports suggest that it is not likely to lead to much increased demand for Ether, unless and until there is stronger evidence of coin usage across that network. That is a valid point of course and one that may yet cause a hiccup to the recent move. ETHUSD is just now trading at 406.25