Ethereum technical analysis: ETH/USD big psychological $200 mark conceded again

• Ethereum price is trading in the red, down some 1.85% in the second half of the session.
• ETH/USD bears have forced the price to give up the psychological $200 mark again, which could prove to be punishing.
• The price is running towards its fifth consecutive session in negative territory.

ETH/USD daily chart

Price action is breaking down a critical near-term demand zone, $205-195 price range.  

ETH/USD 60-minute chart

Near-term price action broke out of a bearish pennant structure, subject to a retest.  

Spot rate:                  197.42

Relative change:       -1.85%

High:                          202.70

Low:                           194.60

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