Ken Chigbo
Independent Analyst
- 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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