Ethereum Technical Analysis: ETH/USD pressure is intensely on as bears look to make another attempt for firm break below $500

• Despite some stabilisation on Monday, Ethereum still looks very much vulnerable to some downside pressure.
• Ethereum has been on the most hardest hit across the major altcoins, dropping around 20% over two sessions.
• Chunky demand zone seen running from just under the $500 mark, from $488 up to $505.

ETH/USD 60-minute chart

Spot rate:                                     106.02

Relative change:               -0.35%

High:                                                     108.49

Low:                                                       103.82

Trend:                                                   Bearish/Neutral

Support 1:                                   510.00, (support on 60-minute chart)

Support 2:                                     495.00, 10th June low.    

Support 3:                                     415.00, (support on 60-minute chart)

Resistance 1:                           555.00 50MA.

Resistance 2:                           578.78, 100MA.

Resistance 3:                           610.00, Supply zone entry.