Ethereum reclaims $1400 in Asian trading

The drop below $1300 for Ethereum (ETHUSD) yesterday in afternoon trading was caused by some acceleration beyond the previous low at 1366. As noted here yesterday evening, that move took the price to as low as 1295. However, it has recovered in Asian trading overnight, lifting back above 1400, to as high as 1459.50 a short while ago. However, the move higher so far today has not yet derailed the current corrective phase lower. As mentioned here yesterday, it will probably need to at least clear above the 50 day moving average on a sustained basis in order to help that happen. That is in place right now today at 1451.25 and it is possible that some short term stops were in place just above that level. That may account for the move higher earlier on. Ethereum will also need to clear higher than that if the risk of another downside leg is to be avoided. ETHUSD has just now backed away slightly and is currently trading at 1427.25