Ethereum (ETHUSD) breaks out of sideways range on talk of technical upgrade

Earlier today Ethereum spiked higher, rising above $2,350 and breaking out of the 2,250-2,350 pivotal range that had been outlined here yesterday. The move above 2,350 was pretty dynamic too and that led the price very quickly to as high as 2,450. The reason for the move higher came following news that Ether is to undergo a technical adjustment and upgrade that will reduce the supply of the coin and hence potentially support the price. Well, that is exactly what that news delivered a little earlier today. The upgrade is known as the Ethereum Improvement Proposal (EIP). However, and according to reports the upgrade is yet to implemented, but naturally if the markets sniffs a significant reduction in supply, then this could be a seismic event for Ether. Earlier Ether rose from a session low at 2,305. It is now trading back off its highs but still above that 2,350 level, currently at 2395