Ethereum Technical Analysis: ETH/USD fails to hold vital near-term support of $600, the bears may look to pile in on the pressure

Ethereum downside momentum continued Friday, nursing losses of 1.8%, after failing to hold above key $600 level.

Across the cryptocurrency market a cooling in prices is being observed.

ETH/USD was running to the upside within an ascending channel pattern, which has been breached in the session by the bears.

ETH/USD 60-minute chart

Spot rate:                                     594.26

Relative change:         -1.85%

High:                                                     608.71

Low:                                                       590.00

Trend:                                                 Bearish

Support 1:                                   576.00, 5th June low & 38.2% Fibonacci.

Support 2:                                    560.40, 50% Fibonacci & (support on 60-minute chart).

Support 3:                                    545.00, 61.8% Fibonacci.

Resistance 1:                           600.75, 100MA.

Resistance 2:                           605.00, 50MA.

Resistance 3:                           615.00, supply zone entry.