Ether still under pressure

Yesterday Ethereum did track BTC higher as that staged a late US session rebound. That move helped Ether reverse an earlier session move to as low as 3,084. The price rose to as high as 3,193 earlier today, but just like BTC it has now reversed almost all of that gain. A short while ago it fell back to as low as 3,089. It is trying to rally again right now, but in truth the gains look hard fought at the moment and just as with BTC, it remains vulnerable to higher US yields. The overall prognosis is not much changed from that painted here yesterday. The longer term outlook is still positive as the 200 day moving average is still rising (now at 3,480), but all the time the prevailing price is camped below that level, then the risks of further downside remain. The longer this lasts the more chance that 200 Day will eventually turn lower. ETHUSD is currently trading at 3,105