The price of ether, the cryptocurrency of the ethereum network, fell below $400 on Thursday for the first time since November.

Ether hit a low of $387.85, according to CoinDesk data, and as of press time is trading at roughly $394. On GDAX, the cryptocurrency exchange operated by startup Coinbase, ETH is currently trading at around $392.

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The cryptocurrency's price hasn't been below the $400 level since November 23, according to data from CoinMarketCap. At the time, the price had nearly reached an all-time high and would go on to surpass $1,200 as the broader cryptocurrency market shot to its peak.

As previously reported, ether is one of several major cryptocurrencies to take a hit during Thursday's trading session. Others in the top-10 cryptocurrencies by market capitalization, including bitcoin cash and Ripple's XRP token, also hit lows for 2018.

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Ether isn't the only cryptocurrency to see significant moves in today's session. In the last hour, bitcoin's price dropped to a low of $7,016.53, according to the Bitcoin Price Index (BPI), only to leap back to $7,165.26 as of press time.

Graph via CoinDesk BPI; Drop tower image via Shutterstock

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.