Ethereum sell off holds above $1400 for the time being

Earlier this morning an update sent out here envisaged a drop below 45k for Bitcoin and that is what happened. Once the price fell below that level it triggered some stop selling and that sent the price down close to 44k. However, it has followed other markets over the past hour and rebounded again. So, as Bitcoin was earlier accelerating to the downside, it naturally fragged other leading coins lower with it and that meant that Ethereum fell too. It was noted here yesterday, that a break below 1550 would deliver a deeper downside move and that is exactly what has happened since that update was sent out. A short while ago it traded very close to 1400 which was not in itself a level of particular significance beyond being a nice round number. Irrespective of that, the level held anyway and that has allowed a moderate bounce to ensue. The question now; is whether or not this current rebound has any real legs to it or not. That is not by any means certain and the risks of a drop below the earlier low point this week (1366) have not yet gone away. Perhaps back above 1550 and that might be the case, but that level has capped the topside since the wider US market close yesterday. ETHUSD is currently trading at 1448