Ethereum slides below support at $1,720

In an update here yesterday you were all warned of the downside risks and potential for a drop below $1,720 in Ethereum (ETHUSD). Well, later yesterday evening that is exactly what happened, the price took out the support at the level and melted towards $1,630 around 8pm GMT. This was partly all about higher US yields it seems, but on this occasion I think that merely served as an excuse. The market was stranded on this one for a while, with no place to go and all the time the spectre of US action against a number of exchanges remains a live threat, it is hard to get enthusiastic on Ether, or BTC for that matter. The 24 Hour range has been covered by 1634.40 to 1749.70, so as you can see the failure all day yesterday to get above $1,750 was for sure part of its undoing too. ETHUSD is currently trading at $1651.50