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Ether drops back below $1700

09 Aug, 2022

Well, it did not seem that likely earlier today, but since the US stock futures turned red and the dollar rebounded off its low, that has caused a bout of profit taking on both Ether and Bitcoin. Once again this is a clear demonstration of how these two lead coins are now used as a proxy for other asset classes and instruments. As noted here earlier, Ether reached as high as 1797.73 at the start of the Asian session today. It has now fallen back to set a low at 1693.70, reached just a few moments ago. So, as the US markets develop this afternoon, it seems likely that Ether will be tracking those closely too. ETHUSD is just now trading at 1703.80
 

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