Ethereum rejected hard from the $350 top where it failed to maintain closes above $344.05 and is now back down inside the consolidation "sideways trading" channel that it was in before.

Ethereum now looks to hold a support at $313.54. A failure to hold at this level will likely see a test of $307 and then $300 psychological.

The move to the upside was a delayed relation to bitcoins topping a new all time high. A spike in volume for ETH saw a break from the channel it was sideways in for the last month and hit a high of $350.

Overall, I would predict the $312-313 floor to hold. BTC seems to be consolidating itself as it looks to tighten before the next pop. This move to the downside comes after hitting the latest high for ETH in a month and a half.

Happy Tuesday and happy trading!

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