Ethereum follows Bitcoin rapid reversal from new 2020 highs

A short while ago Bitcoin rose quite rapidly to trade to as high as 19,914. That was a new 2020 high for the lead cryptocurrency. However, the move higher was over almost as soon as it began. The price has reversed sharply and much more quickly than it rose. Bitcoin dropped almost $800 in very short order. The impact of that was felt elsewhere in the crypto space too. Ethereum for example also rose to set a new 2020 high at the same time Bitcoin. The price lifted to as high as $636.19, only to reverse even more rapidly, to below 604 in a matter of seconds. Quick news is still trying to establish the reasons for both moves, but they are as yet not known. Initially, it looks like some serious money came off the table in both and that means profit taking, but that does require confirmation. Meantime, ETHUSD is still struggling to reclaim the upside as it currently trades at 610.25