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Ethereum (ETHUSD) not so hot so far today

26 Jan, 2021

Yesterday Ethereum (ETHUSD) set a new all time record high when it rose to 1475,21 during the early part of the Asian trading session. However, and despite several attempts to recover an subsequent relapse to below 1400, it was not able to rebound back above 1450. That led to a deeper decline ahead of the wider US market close as the price fell back towards 1350. Today it has continued to move lower, dropping below 1300 earlier today. The low seen has been set at 1294.19 so far. The current chart dynamic suggests a modest short term double bottom in place below 1300 is currently capping the downside. However, that is far from convincing and the price is once again heading back towards the lows. Obviously a break below 1294 now could deliver some further downside acceleration. ETHUSD is currently trading at 1307.50

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