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Ethereum edges back from yet another record

04 May, 2021

Yesterday the demand for Ether continued unabated. The second largest cryptocurrency eventually took out the earlier new record high it had set at 3,200. That move came late in the US session and took the price to as high as 3340 ahead of the wider US market close. Earlier today it made further progress, rising to set a new all time record high at 3,455. The subsequent bout of profit taking from that level saw it fall briefly back below 3,200, but it is rebounding as this update is being typed. The force is clearly still very strong with this one, but as each day passes and new records are set, the risk of a deeper correction will become more elevated. What this most recent rise has done has to further stretch the shift away from Bitcoin and into Ether. That is clearly demonstrated by the closing gap between the too again so far today. There will be much more to add about that as the day unfolds. Meantime, ETHUSD is currently trading at 3,366.50

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