Ethereum (ETHUSD) suffers sharp reversal overnight

Yesterday evening Ethereum was already under pressure when it fell back below 580. That had been the low point reached much earlier in the Asian trading session. Earlier during the day, the price was clearly struggling to hold levels above 600 and the move lower later in the US session was probably the first warning that a deeper correction was about to unfold. Well, that is exactly what happened in overnight trading today. The price slumped to as low as 509.30 a couple of hours ago. That was partly technically driven and certainly not a surprise given how far and how fast this coin had risen in recent days. It is not clear if Ethereum was leading the move, or being led by other coins as it was not alone in suffering heavy losses overnight. The price is trying to rebound a little now, but this sharp sell off today may have dented further enthusiasm for the time being. ETHUSD is now trading at 528.90