Ethereum technical analysis: ETH/USD bulls failure to breakdown $180 barrier may prove to be devastating

• Ethereum price is trading in negative territory, losses of some 1.90% on Wednesday.
• ETH/USD bulls hit with further rejection at the $180 price territory, as seen over the past four sessions.  
• A big retest of daily support could be seen down at $165 price mark, failure to hold could be punishing.  

Spot rate:                  181.84

Relative change:       -0.10%

High:                          182.44

Low:                           175.53

ETH/USD daily chart

• The price continues to face rejection in a big supply area, the first barrier stands at $180, running up to $200.  

ETH/USD 60-minute chart

• Market bears are testing critical near-term support at the lower end of the current narrowing range.