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.
Source: coindesk.com
