Ethereum Technical Analysis: ETH/USD bouncing within a large descending wedge pattern, despite the decent demand seen on Sunday, upside looks unsustainable

• Ethereum price is moving within a descending wedge pattern, subject to a breakout, if the upside maintains momentum.
• The short-term bull run has slowed down on Monday, despite bouncing, should support at $450 fail to hold, it could invite a large amount of selling again.

ETH/USD 30-minute  chart

Spot rate:                                     463.50

Relative change:               +1.80%

High:                                                     474.42

Low:                                                        445.30

Trend:                                                   Bullish/Neutral  

Resistance  1:                          479.50, (resistance on 4-hour chart).

Resistance 2:                          495.38, 50MA.

Resistance  3:                           506.10, 100MA.

Support 1:                                  450.25, demand zone.

Support 2:                                    415.00, lower trend line of descending wedge pattern.

Support 3:                                    490.50, demand zone entry.