Ethereum (ETHUSD) on the rise again so far today

Yesterday Ethereum (ETHUSD) was unable to make it past $1700 when the current run posted a new all time record high at 1697.25. The subsequent sell off was hardly a surprise given the extent of the recent gains. That saw it drop back to as low as 1558.50 just ahead of the 4pm London FX fix. It did rebound sharply again from that low and later lifted more than $100, to above 1670 around the time of the wider US market close last night. Today it fell back once again, dropping to as low as 1590.65 earlier in the Asian session. However, it is on the rise again now and has traded back above 1660 a short while ago. As noted here once again yesterday, this has now traded into uncharted territory and the prospect of that becoming a further problem if it lifts above 1700 has not gone away. The very steep upwards trend channel does still point to the possibility that a move to 1800 could unfold. However, do not forget that the higher this one goes, the harder the fall, when it comes will be. Notwithstanding that prospect, there still seems like there is more in the tank here. ETHUSD is currently trading at 1653.50