Ethereum Price Analysis: ETH/USD heading for the big psychological $200 price mark

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  • Ethereum price is trading in the red by 6.30% in the session on Wednesday. 
  • ETH/USD is exposed to a free-fall down to the psychological $200.
  • The bears have broken down a critical area of support, which was noted at $250-40 price range.

ETH/USD daily chart

The price is now running at three consecutive heavy sessions of losses in the red. 

ETH/USD 60-minute chart

Markets bears have capitalized on a bearish pennant structure, inviting a fresh wave of selling pressure. 

Spot rate:                     259.20

Relative change:          -6.30%

High:                             250.24

Low:                              234.54

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