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

FX Street
Published date:
  • 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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