Ether Price Drops to 10-Week Low Near $400

Ethereum, the world's second largest cryptocurrency by market capitalization, dropped to a 74-day low below $430 Sunday.

AccessTimeIconJun 25, 2018 at 3:31 a.m. UTC
Updated Sep 14, 2021 at 1:53 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The price of ethereum, the world's second largest cryptocurrency by market capitalization, has to a level not seen since April 12.

Data from CoinDesk's price index shows the cryptocurrency dropped by more than $50 over around 12 hours to reach $426.47 around 16:00 UTC on Sunday. Yet the bottom support level sparked an immediate reversal in price, which quickly recovered by $42.

As of press time, ETH is back above $450 but still down 3.36 percent over a 24-hour period. Further, on a year-to-date basis, ETH is reporting a 60 percent decline from this year's high of $1,326 seen on Jan. 14.

coindesk-bpi-chart-151

However, a swift recovery is in play with the cryptocurrency printing a long consolidation candlestick on the longer-term timeframes, suggesting a reversal from the bottom could be confirmed on the closing day's trade. Long-term indicators suggest ETH has reached the oversold territory and is currently consolidating in price to cool off the RSI and Bearish MACD.

ethusd-1

Other major cryptocurrencies are also flashing red, but showing some signs of recovery. For example, bitcoin is trending slightly up at $6,146 based on CoinDesk's Bitcoin Price Index.

EOS, the world's fifth largest cryptocurrency by market capitalization, tells a similar story: it's down 3.6 percent but has recovered from a low of $6.89 back to $8 as of press time, data from CoinMarketCap shows. 

Meanwhile, the total market capitalization for all cryptocurrencies is just over $250 billion, the lowest since April 7 of this year.

Faucet drip image via CoinDesk

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.