No rebound above $3,000 yet for Ether in weekend trade

On Friday afternoon, just after the 4pm London FX fix, Ethereum (ETHUSD) fell below $3000. It had tested that level much earlier in the day, when dropping to as low as $3,004 during the Asian session. However, once that level was taken out ahead of the wider European market close, the move extended further to the downside. It fell below 2,950 and close to 2,900. That led to more downside on Saturday. Ether extended the drop to as low as 2,859 on Saturday afternoon. A rebound later that day did not make back above 3,000 and for most of Sunday it has been trading sideways below 2,950. Meantime, both the 50 and 100 day moving averages are still falling steeply and that is weighing on the immediate outlook. In order to really recapture some forward momentum, Ether is going to need to move back above 3,125 on a sustained basis. It is currently trading at 2,940 at 3pm GMT on Sunday afternoon