Ethereum (ETHUSD) reclaims $350 for now

Last week the drop below $350 for Ethereum (ETHUSD) saw some stops tripped as the price broke below that technical support level. The extension to the downside saw a move to as low as 334.59 unfold on Friday. It did later recover ahead of the weekend and that recovery was extended back above 350 late on Saturday. Since then it has traded a little higher, rebounding from around 345 to back above 350, reaching 356 very early today. The move higher did suffer a brief dip below 350 a short while ago, but it is trying once again to establish itself above that level. Looking at the longer term chart, the current price action is clearly pivotal and not yet conclusive to a wider move. The price currently looks set in a range, inside the 50 and 100 day moving averages (currently at 382.10 and 324.10 respectively), but momentum has clearly turned lower in the past few weeks. ETHUSD is just now trading at $351.05