Ethereum (ETHUSD) lifts above $1600

Following on from the previous Quick News update on the progress of Bitcoin; that has now risen further, lifting above 51,250 and pressing towards 51,500 as this update is written. That move has also allowed Ethereum (ETHUSD) to make similar progress. The second biggest cryptocurrency by market capitalisation is now testing the second resistance level mentioned here earlier. Ether has already cleared well above the 10 day moving average that was in place just below 1580. It is now threatening to make a further move above the previous high point in place just above 1600. In fact, it has just now done exactly that, as the price rises above 1610. The gains today are further clear evidence that the market wants to resume the uptrend again this morning. As to how much further it can rise remains to be seen, but the immediate chart dynamic does support the prospect of more to come in the short term, as was also outlined as a live prospect earlier on. ETHUSD is currently trading at 1611.50 but please remember that as the volatility increases from lower levels seen yesterday it is also likely to have some surprises in store too