Ethereum rebound stalls ahead of 3,900

Yesterday was a better day for Ethereum (ETHUSD). The second largest cryptocurrency replicated the price action seen in Bitcoin and managed to grind its way higher as the session unfolded. The price recovered from an earlier session low at 3,687 to make it back above 3,850 ahead of the wider US market close. Today it has not yet managed to build on that rebound and has so far stalled short of reclaiming levels back above 3,900. Also, and even if it does that, it will then have to contend with whatever resistance might lie in store for it at the previous 3,950 breakdown level, that led to the the whole interim sell off. The price action has revealed two failed attempts to reclaim 3,900 during the Asian session today. The range seen so far has been covered by 3806 to 3896. ETHUSD is currently trading at 3,859