Ethereum backs off three-week high on profit-taking

Ethereum fell over 3% on Monday off three-week highs on profit-taking as most cryptocurrencies face hefty losses. 

At Bitstamp, Ethereum shed $3.77, or 3.1% to $120.11, with a session-high at $124.04, and a low at $118.11. 

Ethereum rallied 5.1% on Sunday, the second profit in three days, marking three-week highs at $125.10. 

Market value of cryptocurrencies fell a billion dollars to $120 billion away from $123 billion, the highest since January 20. 

Ethereum went back to its place as the second most valuable cryptocurrency in market value with Ripple retreating to third place. 

However, Ethereum continues to face pressure as the market is still in need of strong incentives to attract new investments.