Ether backs off from rise above $1600

The move higher in Ether continued again yesterday and eventually the second largest cryptocurrency rose above the noted modest resistance at around 1500, rising to around 1530 ahead of the US close. Earlier this morning, the move higher continued. Ether shot back above 1500 once more, having drifted back to around 1450 as the wider US markets drew to a close. The move higher today was indeed dynamic. Ether shot through any resistance at 1550, to as high as 1628.75. The move higher came amid rumours of an impending update. There is as yet no news on that, or what it actually might entail. In the meantime, the price has fallen back so far today. That is probably due to profit taking following such a sharp gain in recent days. The low seen since that earlier high as been set at 1492.50. It is rebounding slightly again just now, currently trading at 1538.50