Ethereum made a major bounce on Monday after a weekend of massive lows, recovering almost 40 percent from the horrific and volatile Sunday.

The erstwhile cryptocurrency lost substantial traction, having fallen well below the support levels around $200, and the subsequent plunge left the currency a whopping 20 percent less, briefly touching $130 for a short time.

However, by Monday, Ethereum had recovered some of its losses, rising 38 percent to a day high of nearly $180. The bounce left traders encouraged after the massive losses of the weekend, and many traders considered making purchases during the short term lows. The volatility of the market has driven some holders to consider selling, though a widespread support for Ethereum has led to some market loyalty.

Many in the Ethereum community had already seen the potential for substantial price reductions after the large scale sell offs that the recent ICO boom would likely cause, and there was some speculation among investors that the lows could be substantial. Ethereum is still up on the year by over 2000 percent.