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. 

 

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. 

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