Ethereum Technical Analysis: ETH/USD in much trouble, with $400 mark under threat

• Ethereum price came under heavy selling pressure overnight, like much of the other major altcoins, down 1.5% on Friday.
• ETH/USD was at risk of giving up $400 mark, however lower trend line of descending wedge comes to the rescue for now.

ETH/USD 60-minute chart

Spot rate:                                    413.90

Relative change:               -1.64%

High:                                                   425.39

Low:                                                      425.39

Trend:                                                 Bearish

Support 1:                                  405.60, lower part of descending wedge pattern.

Support 2:                                    400.00, psychological level and buying area.

Support 3:                                    393.13, demand zone.

Resistance  1:                          415.90, (resistance on 60-minute chart).

Resistance 2:                          422.39, 24th June low, potentially new resisting area.

Resistance 3:                           428.25, 50MA.