Ethereum rebound stalls ahead of 1650

Yesterday Ethereum (ETHUSD) tracked Bitcoin higher after an earlier test of the lows underneath 1550. The formation of a similarly supportive price pattern to that seen in Bitcoin set up the rebound to back above 1600 again. The actual chart dynamic on Ether is technically stronger than that of Bitcoin because, and as noted, Ether has not broken below a longer term upward trend line, where Bitcoin has. However, and despite rebounding a little more today, Ether has not managed yet to climb back above an important price point that it broke on the way down. That is at 1650 and clearly remains a not insignificant hurdle again today. The immediate parameters would therefore seem to be covered by 1550 to 1650 today. A break either side of those levels could deliver an extension. As usual though, much will depend on how Bitcoin fares as the day unfolds. ETHUSD is currently trading at 1626.50