The Ethereum price (ETH/USD) has dropped below $200 for the first time in more than a year, as the second-largest digital currency continues to show weakness following last week’s crypto slump.
Ethereum had to endure some tough trading over the weekend, especially on Saturday, when it lost nearly 10% of its value. The sharp decline led to its first close below $200 since July 30. According to data from digital currency tracker Coinmarketcap, the coin closed Saturday the session at $197.95, down from its opening level of $217.91.
Ethereum experience another steep drop in the early hours of yesterday’s session, with its price hitting a low of $188.31. The coin attempted to mount a recovery in the afternoon, but it didn’t have enough momentum to sustain a meaningful rally above $200. As a result, Ethereum pulled back shortly after reaching an intraday high of $207.67, finishing the session at $196.92.
The coin had another spell above $200 in today’s early trading, before returning to sub-$200 levels. At the time of writing, the Ethereum price was hovering around $195.
According to a recent report from industry website Coindesk, the number of short orders on Ethereum reached a new all-time high during Friday's trading session. Citing data from cryptocurrency exchange Bitfinex, Coindesk reported that, at roughly 10:00 UTC (11:00 BST), the number of short orders placed on the ETH/USD surpassed the prior mark of 202,854 to ultimately reach a new high of 208,689.
In today’s trading, the Ethereum price stood at $195.75, as of 14:21 BST. The digital coin has lost 4.3% of its value in the past 24 hours, Coinmarketcap data shows. The coin’s total market cap currently stands at just under $20 billion.
For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.