Ether stalls just above $1600

Following on from the previous update noting the price action in Bitcoin today, here is some detail on its leading competitor. Ethereum (ETHUSD) fell to as low as 1422.67 during the early Asian session yesterday. The rebound that has followed has seen it lift back above $1600 a little earlier today. The high seen so far has been set at 1605.43. The near $200 gain off the lows seen yesterday means that in percentage terms over that period, it has clearly outperformed BTC. In making that move it has also lifted above its 100 day moving average (right now at 1518.35), but it is yet to reclaim levels above its 50 day moving average. That is currently in place at 1616.80 and its presence there might explain the stalling in the price action just above 1600 so far today. ETHUSD is currently trading at 1584.50