Ethereum (ETHUSD) stalls ahead of $400

As expected yesterday, it was another positive day for Ethereum (ETHUSD). The leading cryptocurrency made more progress as it eventually jumped above the highs it had reached last weekend. The break above 375 was certainly dynamic as it led to an almost vertical rise above 395. However, once again that $400 level proved to be a bridge too far and the price fell back again just ahead of the Asian handover today. Ether has traded in a range today encompassed by 395 to 380 with the bottom end being reached a short while ago. The chart configuration does suggest that it has further downside potential in the short term given the spike up and down evidencing an extreme reversal. However, that is not certain as long as the price remains above 375. The overall outlook remains positive, but the current price action is a little concerning all the same. ETHUSD is just now trading at 383.30