Ethereum slips back on profit taking

Following an earlier update here on the progress of Ethereum (ETHUSD) today, the price did break above 1800 and extended beyond that level, to as high as 1824.50. However, since then, and over the past hour it has fallen back by around $50 to as low as 1774.50 a short while ago. There seems to be nothing sinister in this move and it looks linked to little more than profit taking at this stage. It is also falling back as Bitcoin displays a similar corrective move lower at the same time. Of course the current relapse for Ethereum could extend further to the downside, especially now that is has met what was an identifiable price objective. It is probably a case of how far it will come back down before the value hunters and any earlier short sellers decide to reinstate long positions, or cover any short trades from higher up. ETHUSD is currently trading at 1775.60