Ether extends downside move after new record

Earlier today, Ethereum did make a move above the noted $2500 level. That price point had been a clear destination that had highlighted here for some considerable time. The price reached as high as 2548. However, since that record was set in earlier Asian trading, a raft of profit taking has kicked in, sending the price below 2400 a short while ago. That is hardly surprising given just how far and how fast this coin has appreciated in recent days. In truth its going to be hard to pinpoint exactly where this current downside run will cease right now and as usual much will depend on where the next tranche of buying interest might kick in. That is likely not to show up immediately in advance on any platform either as often it kicks in from the blindside. It will also depend on what stops may lurk lower down too. Now that the initial target of 2500 has been reached on this one it might be advisable to wait and let the price action play out some more if one is inclined to still get in at these lofty levels. ETHUSD is currently trading at 2415.50