Ethereum Technical  Analysis: ETH/USD came crashing down out of bearish pennant, big chunky loss of 10%

• Ethereum tanked a hefty 10% on Wednesday, after mass selling was seen across the crypto market.
• ETH/USD crashed through a bearish pennant pattern, managing to find support in a touted demand area, within $250 proximity.  

ETH/USD 60-minute chart  

Spot rate:                    258.42

Relative change:        -9.44%

High:                           287.97

Low:                            250.93

Trend:                         Bearish

Support 1:                   252.55, consolidation area 14 August, before market bounce.

Support    2:                  250.20,  14th August low.

Support    3:                  250.00  , consolidation area 26-27 Aug, before bull run.

Resistance 1:              264.00, bottom area 22 / 23 August.

Resistance 2:             270.00, prior strong acting demand.

Resistance 3:             283.65, underneath broken pennant.