Ethereum rebound back above 1750 not conclusive

Earlier today Bitcoin broke down below 55k and that move was the catalyst for more losses as the lead cryptocurrency fell to a session low at 54,158. At the same time that move helped to push the price of Ethereum lower too. The second biggest coin fell below 1750, to as low as 1742.15. It has just now rebounded as Bitcoin reclaims the 55k handle, but the rebound in both is by no means conclusive at this stage. There is also quite a significant support level on Ether at 1713.70 which is the low on March 16. If that does get taken out, then a further fall towards the 21 day moving average cannot be ruled out. That moving average is currently in place at 1661.25 was has been highlighted here recently as a potential target on the downside. In order to negate that risk Ether will need sustain a move back above 1800 from here. ETHUSD is currently trading at 1765.25