Ethereum slips back from fresh record high set earlier today

Once again it was Ethereum (ETHUSD) that led the gains for the major cryptocurrencies yesterday. That helped the price to trade back above $2600, later setting a new record high at 2679. 92. The price has built on that earlier today when rising to set a new all time record at 2717 in the earlier part of the Asian trading session. It has now backed away from that high, but not yet by any degree as to be significant. That is not to say it will not though and as the price falls back towards 2600 right now that is adding some further downside pressure elsewhere too. That is mostly best seen in Bitcoin of course as Ether continues to call the shots in terms of direction for both coins. The move lower today in Ether is probably due to profit taking at this stage, but a drop back below 2600 from here might deliver some further short term downside. ETHUSD is currently trading at 2615