The Ethereum price (ETH/USD) has returned below the $200 level after seeing a major correction on Monday that erased much of the progress it made in the latter part of last week.
The second-largest digital coin on the market had a relatively calm Monday morning session, hovering around the $220 mark, which it had reclaimed in previous sessions. The situation changed dramatically in the afternoon, when the coin began its gradual descent towards the $200 level. Ethereum’s decline accelerated in the final hours of the session, when its price dropped below the $200 mark. The coin dropped to a four-day low of $195.31, before eventually finishing the session at $197.88. This was well below its opening level of $221.58.
Ethereum made an attempt at launching a recovery in today’s early session and even had some success early on. The coin managed to break above the $200 mark, with its price rising to an intraday high of $201.00. However, the coin has since pulled back and is currently hovering around its yesterday’s closing level.
Ethereum’s decline on Monday was a major setback to the coin’s recovery, which started after the Ethereum price hit a 13-month low of $170.26. The rebound culminated in an eight-day high of $226.60, reached on Saturday, before settling near slightly lower levels around $220 on Sunday. A large portion of that progress has now been lost.
In today’s trading, the Ethereum price stood at $197.88, as of 12:34 BST. The digital coin has lost nearly 10% of its value in the past 24 hours, which makes it the worst performing coin in the cryptocurrency top 10. The coin’s total market cap currently stands at just over $20 billion, according to data from digital currency tracker Coinmarketcap.
For further information on how to buy and trade Ethereum, see our comprehensive Ethereum guide.