Ether steps back from rebound above $2,500

Yesterday as Bitcoin dropped closer to a test of the 30k level, Ethereum fell even harder in percentage terms. The second largest cryptocurrency had already fallen below the noted $2,500 support level earlier in the session and the drop below a series of interim lows underneath 2,450 set up a deeper decline that took it so as low as $2309. However, and as with Bitcoin the post 4pm London FX fix rally saw it later reclaim that $2500 handle. The rise extended to as high as 2550 ahead of the wider US close. However, it has backed off from those highs since the start of the Asian session where it peaked at 2546. It has fallen back to as low as 2408, but it is rebounding again now as Bitcoin makes a similar move higher. The earlier high at 2546 did stop short of the current 21 day moving average. That is in place right now at 2557 and is falling steeply. This price level could therefore offer stiff resistance to any further upside today. ETHUSD is just now trading at 2,478