Ethereum (ETHUSD) holds below $600

Yesterday Ethereum (ETHUSD) did recover an early session move to around 590 after it has stalled just above 620. Well, that was not the end of it because as the session developed, Ethereum made another move higher. It did just surpass the previous high, to set in place another fresh two Year high just above 623. However, it was not able to hold those gains and fell back again. There have been a series of interim attempts to move higher since then, but each time it has run out of steam ahead of 620. That series of failures has set up the move lower today. The price fell back earlier this morning to below 600. It dropped to as low as 580 during the Asian session. It is now trying to rebound again, but the move higher is not yet conclusive. That is hardly surprising given the speed and the extent of the gains seen in recent days. The immediate risk would seem to lie in more profit taking to come in the short term. ETHUSD is now trading at 595.50