Ethereum falls back after reaching new record yesterday

Yesterday afternoon as Ethereum rose to set a new all time record high at 2592 that move was covered here in an update. In that update it was noted; that there was likely to be more upside potential given the reversal of the more than $500 drop it has suffered last weekend. Well, that was certainly the case as the move higher later extended to as high as 2644 even as other leading coins were heading in the other direction. That was certainly the case for Bitcoin as that dropped back below 53k even as Ether was on the rise. Well, eventually the downside momentum elsewhere did eventually lead Etherem back down again and it duly dropped back below 2500 ahead of the US equity market closes. Clearly it was the US CGT tax proposals that completely derailed the upside for Ether yesterday, and as with Bitcoin this has sparked a rush to bank gains before they are potentially cut in half by a higher rate of capital gains tax. Of course that will not effect non US residents, but the impact has been dramatic all the same. Ether has traded to as low as 2120 a little earlier this morning. It is now trying to rebound somewhat, but a good deal of damage has already been served upon this one over the past 12 hours. ETHUSD is currently trading at 2202