Ethereum rebounds after holding onto important support level

Yesterday Ethereum (ETHUSD) tried and failed to break below a noted support level at 2,955. It was mentioned here; that if this price point did give way then that could open a move towards the next support level, in place at 2,719. Well, it did not give way despite another push towards that price point as the wider US markets reopened. The price based out at 2,965 and that meant an interim double bottom was eventually set in place as the price rebounded back above 3,000 again. The push back above that level was later extended into the wider US close and was clearly in tandem with the recovery in the US stock markets. That delivered a move back above 3,150 for Ether and it has extended that move in Asia today, rising to as high as 3,243 a little earlier. It may not be finished with yet if it can reclaim levels above 3,250. A move above that level could bring the previously noted and next Fibonacci retracement level into play. You might remember that is at 3,356. ETHUSD is just now trading at 3,232