Ethereum (ETHUSD) rebounds off lows but holds below $350

Yesterday morning it was observed here; that Ethereum (ETHUSD) was really struggling to hold above $350. It was further added; that unless it could recapture levels above 360 on a sustained basis, then the risk was to the downside and that is exactly how it played out. Of course the coin got a helping hand from the wider market drivers when it eventually dropped back below 350, but the writing was on the wall beforehand quite honestly. So, as fresh system based selling and stops kicked in, the price fell to as low as 332 in the very early hours of the Asian session today. It has recovered slightly so far today, rising to as high as 342.50 a short while ago. However, that rebound is not all conclusive this side of 350 and unless and until that level is recaptured then further downside risks will remain elevated. ETHUSD is just now slipping back again, currently trading at 340.45