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  • Ethereum on Wednesday is trading in the red by some 2.70% in the second half of the day.
  • A fresh wave of selling pressure has come into play, as near-term demand is being broken down around $300 area.  

  • A failure in the noted support holding could open the door to a large wave of selling pressure.  

Spot rate:                  299.52

Relative change:       -2.50%

High:                         314.89

Low:                          298.67


ETH/USD 60-minute chart
  • Price action is smashing near-term demand zone around $305 area, inviting further wave of selling pressure.


ETH/USD daily chart

  • The price is heading for a retest of a breached bullish flag structure, next major support eyed around $250 area.