Ether backs off from above 2k in weekend trading

The gains in the US stock markets into the close on Friday provided just the right conditions for the BTC and Ether to make a further move higher over the weekend. That is indeed exactly what happened and in the case of Ether, it rose above $2,000 on Saturday, to as high as 2020. It then stalled earlier today at 2,030.48. It has fallen back to as low as 1907.38 this evening. It is also worth noting here; that the low for the US stock markets earlier this summer came on June 16. The low for Ether was set on June 18, at 880.70. So, the positive correlation between these markets is perfectly clear. However, and whilst more than rising 125% off that low, Ether still has a long way to go in order to meet even its first technical rebound objective. That is at 2,403.23 and represents at 38.2% retracement of the massive fall it has suffered over the past 12 months (from 4866.40 to 880.70). Ahead of that lies its 200 day moving average, which might provide stern resistance. That is currently in place at 2,255 this evening. ETHUSD is just now trading at 1938.50