Ethereum (ETHUSD) rally comes unstuck

Yesterday, the scene looked good for Ethereum (ETHUSD). It has continued to hold above the noted support level at 350 and already pushed its way above 370. However, by the late afternoon that was not to be. Ether gave up its earlier gains and proceeded to fall back below 350 for the first time since last weekend. The drop to as low as 345 clearly tripped some stops below 350. There was not much bounce from there either and the subsequent rebound stalled around 354.45 where it formed an interim double top. Today it has fallen further as the news surrounding the US president hit the wires. That pushed it down to as low as 340.29 It has tried to rebound from that low but not made any headway beyond 345 so far. The medium term chart of Ether is not especially positive either right now and a further drop below 340 from here could risk a test of the next support level at 322. That is where the 100 day moving average currently resides. Only a rebound back above 355 is likely to shift the current downside dynamic. ETHUSD is currently trading at 341.05