Ethereum (ETHUSD) rebound holds below $350

The rise in risk aversion that helped to push the price of Bitcoin below 10,500 again yesterday had an even greater impact on Ethereum. Prior to that, the price had been trying to reclaim the $400 handle only last week, but the continued failure there was also a warning sign. That certainly played out yesterday as Ether slumped below the base of the recent 350-400 range. Of course a break one way of the other was always going to come eventually and the charge below 350 yesterday delivered a move to as low as 331.31. A good deal of the downside acceleration was surely due to stops of course, but the prospect of further downside traction below 350 probably encouraged new sellers too. Indeed, since reaching that low point the price has rebounded somewhat, but importantly it has not yet managed to reclaim that 350 level. The high reached earlier today has been set at 349.57. Interestingly there appears to still be an open price gap on the charts that exactly coincides with the next important retracement target at 289.61. So, if the price starts to fall to fresh interim lows underneath 331 today, then that level could become increasingly magnetic. On the topside, there is still nothing of any positive technical note this side of $400. ETHUSD is just now trading at 339.95