Ethereum (ETHUSD) slips back towards $1250

Ethereum (ETHUSD) is giving a very good impression of something that does not really want to go up today. Well, so far at least anyway. Of course we know who quickly the whole direction can soon change but right now it is under downside pressure. The price has just fallen to its lowest levels of the day as it slips closer to $1250. There appears to be no direct catalyst for the move lower this afternoon, but the losses are being tracked elsewhere and particularly in Bitcoin which is also at its lows of the day. The drop back below the 10 day moving average (currently at 1276.20) might have something to do with the current downside move. Beyond that level there is further support at 1196.60 which is approximately where the 21 day moving average comes into play right now. The low seen a few moments ago was set at 1250.91 and it is currently trading at 1253.20