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  • Ethereum (ETH) nursing losses of around 0.5%, through the mid-point of the session on Wednesday.  
  • ETH/USD price action has formed a bearish pennant pattern, subject to a potential extended move lower.
  • It appears there is much in the way of barriers for a reclaim of the $200 mark again.
  • A firm break of $195.00 for ETH/USD could open the door to a fresh wave of selling pressure.  

 

ETH/USD 60-minute chart  


 

Spot rate:                   195.26

Relative change:       -0.46%

High:                          197.41

Low:                           194.45

 

Trend:                        Bearish

 

Support 1:                  195.00, lower part pennant pattern.

Support  2:                  194.61, 30 October low area & daily pivot point support.  

Support  3:                  193.05, daily pivot point support.  

Resistance 1:             195.70, upper part of pennant & 50MA (60-minute).

Resistance 2:             197.31, resistance (60-minute).

Resistance 3:             198.97, daily pivot point resistance.