Ethereum is world’s second largest cryptocurrency in terms of market capitalization. It recently dropped to a 74-day low below $430 – a level not witnessed since April 12.
The cryptocurrency dropped by more than $50 over a short-term period of 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 a loss of $42.
As of now, 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.
A swift recovery is on the horizon though, since the cryptocurrency is 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 hint that ETH has touched an oversold territory and is currently consolidating in price to cool off the RSI and Bearish MACD.
Other major cryptocurrencies are also experiencing price drops but also showing small signs of recovery. For example, Bitcoin is trending slightly up at $6,146.
EOS, the world’s fifth largest cryptocurrency is also in a similar situation as it is down 3.6 percent but has recovered from a low of $6.89 back to $8.
Meanwhile, the total market capitalization for all cryptocurrencies is just over $250 billion, the lowest since April 7 of this year.
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