Ethereum price (ETH/USD) tumbles amid wider crypto drop

The Ethereum price (ETH/USD) has dropped to an eight-day low following a sharp Sunday drop that also affected the wider crypto market.

The third-largest cryptocurrency on the market enjoyed strong positive action on Saturday, with its price surging to a three-day high of $125.90 during the morning portion of the session. The coin was able to defend most of these gains in the afternoon and eventually finished the session at $124.52, up from its opening level of $121.64.

However, the coin gave up all of its Saturday gains on Sunday following a price slump that hit the wider cryptocurrency market in the afternoon. ETH plunged to an intraday low of $118.70, before closing the session at $119.47.

Ethereum has seen further losses on Monday, with its price tumbling to an eight-day low of $116.16 during the morning session. The coin has since managed to pare its losses, although it is still trading below the level of its Sunday close. At the time of writing, its price was hovering around $117, according to data from digital currency tracker Coinmarketcap.

In other Ethereum-related news, the highly anticipated Constantinople hard fork, which is regarded as a major milestone in Ethereum’s transition from a proof-of-work to proof-of-stake protocol, is now estimated to take place around February 27, industry website the system update was delayed last week after smart contract audit firm ChainSecurity warned that one of the planned changes could create a critical vulnerability in the Ethereum protocol. The new deadline was set during a core developer phone call on Friday.

In today’s trading, the Ethereum price stood at $117.13, as of 15:17 GMT. The digital coin has lost 2.2% of its value in the past 24 hours.