Ethereum Plunges Below $1,800 as Market Sees First Major Setback

Ethereum's price has dropped to $1,800 and is currently trading below its price at the start of the year. This is a major setback for Ethereum as the coin is only showing signs of recovery after a long period of stagnation.

The crypto market experienced a major correction on Tuesday, but it was not as severe as some predicted. Bitcoin has lost more than $200 since Tuesday morning's high, but it hasn't fallen below $3,000 as many predicted.

However, Ethereum is also showing signs of weakness during this correction, with the price down nearly 10% from its post-Christmas high (around $1,850). At press time, Ethereum is trading around $1,750, well below last year's all-time high ($1,931) and well below pre-Christmas levels ($1,884).

Despite this drop, Ethereum remains one of the most valuable cryptocurrencies today with a total market capitalization of more than $26 billion according to data from CoinMarketCap, just ahead of South Korea.