Frothy crypto currencies are being sold aggressively. Ethereum (ETH/USD on COINBASE) fell more than 15% on Monday to 202.86. The virtual currency clocked a 1-1/2 month low of 185.39 levels yesterday.
Prices are in a recovery mode this Tuesday morning in Asia, but the gains are being capped around the 212.91 (50% Fib R of Dec low – June high) levels.
Ether has been on a three-week losing streak and despite having surrendered 50% of the Dec-June rally, the virtual currency is still up 2400% on a year-to-date basis.