Ethereum price (ETH/USD) bounces off 10-week low amid larger recovery

The digital coin has reached ‘oversold territory’, according to Coindesk charts

Ethereum price (ETH/USD) bounces off 10-week low amid larger recovery

The Ethereum price (ETH/USD) has posted solid gains in the past 24 hours, as part of a larger recovery trend observed across the wider cryptocurrency market.

Like many of its crypto rivals, Ethereum had a difficult session yesterday, with its price suffering heavy losses, especially in the early afternoon part of the session. At roughly 17:00 BST the digital coin hit an intraday low of $426.47, which was its lowest level since April 12, according to data from cryptocurrency tracker Coinmarketcap. However, this also marked the beginning of a sharp rebound, which allowed the coin to recover most of its losses. Ethereum eventually finished the session at $457.67, down from its opening level of $474.77.

The wider cryptocurrency market experienced a similar trading pattern on Sunday, with most of Ethereum’s crypto rivals being affected by the slump. Major digital currencies such as Bitcoin (BTC) and Ripple (XRP) plunged to several-month lows during the session, but were able to recover much of their losses thanks to late rebounds.

In today’s trading, Ethereum’s performance has been largely stable. The cryptocurrency remained around yesterday’s closing level during the morning session and made an attempt to rally in the early afternoon, with its price rising to an intraday high of $470.34. the coin has seen a pullback in more recent trading, and its price is currently hovering around $460.

In a technical analysis piece published today, industry website Coindesk says that long term indicators suggest that Ethereum “has reached the oversold territory and is currently consolidating in price to cool off the RSI and Bearish MACD”.

As of 15:06 BST, the Ethereum price stood at $459.04, up nearly 4% from the same time yesterday. The digital coin’s market cap currently stands at just over $46 billion.

For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.

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