Ethereum (ETHUSD) inside defined range for time being

Yesterday, the break lower in Ethereum (ETHUSD) below 400 led the price to fall back close to 380 as the whole cryptocurrency spectrum followed Bitcoin lower. The break below 400 was clearly identified here as a potential catalyst for more downside and that is precisely what played out. However, Ether has unsurprisingly followed Bitcoin higher again since, but it has not been able to reclaim levels above 400 and until it does the downside looks the more vulnerable for the time being. In addition, there is an interim double top in place above around 410 too and that looks the more important level right now, rather than just a return to 400. The earlier rebound this morning took the price back to around 392 but it has drifted back to 388 since and if there is a break below 380 now then further losses, towards 365 could ensue. ETHUSD is just now trading at 388.05