Ethereum (ETHUSD) backs away from impressive weekend rebound

Last week was an amazing week for Cryptocurrencies. We had some really sizeable moves in Ethereum, Stellar and Ripple as was well documented in updates here on the quick news. Ethereum rose to as high as 622.35 on the Tuesday, only to sharply reverse that significant gain on the Thursday, when it slumped back to as low as 480. It struggled to regain the upside momentum on Friday which was hardly surprising given the voracity of the move earlier in the week. However, this weekend it took a lead from Bitcoin (as is often the case) and managed to reclaim a good deal of the upside it had lost. The price rebounded to as high as 593 in very early Asian trading today. It has since backed away from that high this morning, but does remain elevated relative to where it was this time on Friday morning. Of course it has come a long way in a short space of time and that might make for more consolidation within a wider range. The outlook is a little uncertain still, but the recovery since Friday does suggest that the move to 480 was corrective and not dynamic. That view is certainly supported by the most recent price action too. ETHUSD is currently trading at 575.75