Ethereum Technical Analysis: ETH/USD makes an extended move to the deep south, after bearish pennant breakout

• Ethereum price seen down over 2.5%, with a large cooling in prices across the crypto market.
• ETH/USD move to the downside was extended, following a breakout from a bearish pennant pattern formation.  

ETH/USD 4-hour chart

Spot rate:                    367.05

Relative change:        -2.90%

High:                          380.61

Low:                           356.78

Trend:                         Bearish
 

Support 1:                  366.50, entrance to demand zone.  

Support 2:                  359.78, today’s (Wednesday) low.

Support 3:                    300.00, psychological support.  

Resistance 1:             400.95, underneath broken pennant pattern.

Resistance 2:             407.75, 50MA.

Resistance 3:             421.35, (resistance on 4-hour chart).