Ethereum backs off from new record above $2000

On Friday the topside for Ethereum (ETHUSD) was capped at around 1950 despite Bitcoin edging higher. So, as Bitcoin jumped to a new record in weekend trading, Ether set off on a trip to take out $2000 for the first time ever. The second largest cryptocurrency traded to as high as 2037.90, peaking twice around there in the morning and then again in the afternoon. That double top at a record higher set up a move lower yesterday, but the real acceleration to the downside took place on Sunday. Ether slumped to as low as 1818.20 very early on Sunday morning. It has rebounded since, lifting to around 1975 yesterday. However, it lower again today. Earlier it fell back to 1836.73. As noted here many times before, the higher it goes the wider are the daily ranges and it seems to be consistently able to easily set a range on any given day of more than $200 now days. That has actually been quite a consistent characteristic of the price action recently. The range today so far has been covered by 1836.73 to 1939.42 and it is currently trading at 1883.60