Ethereum Technical Analysis: ETH/USD there could be harsh consequences if $240-225 does not hold

Ethereum price on Wednesday in the second part of the session is nursing losses of some 0.55%.
ETH/USD price action continues to retest a breached daily pennant pattern structure.
A critical daily demand zone running from $240-225 is being tested to the downside, failure to support the price could invite a strong wave of selling.

Ken Chigbo Independent Analyst

Spot rate: 239.53

Relative change: -0.95%

High: 248.28

Low: 238.79

ETH/USD 60-minute chart

The near-term bottom can be seen at $235, 60-minute support, preventing the price from dropping further at present.

ETH/USD daily chart

Should the vital zone of $240-225 fail to hold, the price may be forced to give up $200 price mark.

Author

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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