Ethereum (ETH/USD) Technical  Analysis: The possible $200 price territory escape plan

• Ethereum price is trading in negative territory late on Wednesday, down just some 0.7%.
• The last time ETH/USD was out of the $200 price territory was on 2nd September. Where the high at the time was $302.13.
• Price action on the 4-hour chart view has formed a bullish pennant pattern.  
• Should bulls capitalize and breakout from this pennant, there could be explosive moves north.  

ETH/USD 4-hour  chart  

Spot rate:                   208.61

Relative change:       -0.55%

High:                          217.07

Low:                           209.66

Trend:                        Bearish

Support 1:                 207.25, lower part of pennant and 50MA (4-hour).

Support  2:                 195.11, big support area on 4-hour chart.

Support  3:                 187.79, 11 October low.

Resistance  1:            209.41, upper part of pennant.  

Resistance  2:            215.73, 100MA (4-hour).  

Resistance  3:            231.00, supply zone.