Ether backs off from rise above $2000

Well, perhaps it was not much of a surprise given the moves seen yesterday and over the weekend, but Ethereum (ETHUSD) has lifted above $2,000 today. The further gains have come following the formation of that major double bottom at around 1705 that was covered here in updates, both before and after it took place. That provided the necessary platform for this move higher and it clearly taken advantage of the technical set up. The price was already extending higher yesterday afternoon when it lifted above 1900 and towards 1950. The further rise saw it reach a high of 2,014 earlier during the Asian session, but it has backed since then, dropping back to as low as 1972 just a few moments ago. The move higher came from an earlier Asian low at 1947. The move above the 21 day moving average after that (now at 1959) also helped to deliver more upside. ETHUSD is currently trading at 1973