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.
![Ether (Shutterstock/ mk1one)](https://www.coindesk.com/resizer/F_EqFFgY8Z54L-idlCze1sCHBVk=/567x377/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/TKQM2VS63FBU7N2DFTVDZQWKSA.jpg)
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](https://www.coindesk.com/resizer/t0aaQJmQKYLxFtWVLbjmQFJlato=/560x280/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/2RT4XLSMNZBN3KRENSBJE56OTY.png)
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](https://www.coindesk.com/resizer/wnZPGz0rDNbBh0u2lielc89xdNg=/560x300/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/KNIYT532QVBZHP5EFHPMBAGB6M.png)
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