Ether Price Drops to 10-Week Low Near $400

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.

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.

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