Ethereum (ETHUSD) trades below $1300 in Sunday sell off

Just like its bigger brother Bitcoin, Ethereum (ETHUSD) has faced some selling pressure this weekend. The second biggest cryptocurrency by market cap fell below $1300 a short while ago. On Friday the coin had managed to hold above 1400 and later rebounded back above 1550. However, it then set another of those interim double tops on Saturday and the price failure at 1527 and later at 1523, was enough to speak a deeper move lower on Sunday, that took the price down to as low as 1295.70 a short while ago. It is trying to rally as this update is being typed, but the rebound is far from conclusive at this stage. Looking at the longer term chart of Ether now, there is plenty of scope for the current sell off to extend even further, unless it can reclaim levels back above 1725 on a sustained basis. The drop below the 50 day moving average (in place right now at 1436) is also a concern and that could now act as a resistance level to any further rebound too. ETHUSD is currently trading at 1354.50