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Ethereum Price Analysis: ETH/USD at risk of free fall with $200 the next major daily support

  • Ethereum price is trading in the green by 3.30% in the session on Thursday. 
  • ETH/USD next major target to the downside is eyed at the psychological $200.
  • The price is undergoing its worst run of losses since November 2019. 
Ethereum Price Analysis: ETH/USD at risk of free fall with $200 the next major daily support
Ken ChigboKen ChigboIndependent Analyst

ETH/USD daily chart

The price is attempting to stage a rebound following three consecutive heavy sessions of losses in the red, another potentially eyed. 

ETH/USD 60-minute chart

Near-term consolidation within a bearish flag is subject to a breakout south, which would invite a fresh strong wave of downside pressure. 

Spot rate:                     230.78

Relative change:          +3.30%

High:                             232.19

Low:                              210.57

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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