Ethereum Technical  Analysis: ETH/USD breaks out from descending channel, however another drop may be looming

• Ethereum managed to escape a descending channel, however the price failed to gain ground above and beyond the $500 mark.
• ETH/USD is now moving within a rising wedge, which could be subject to a breach from the market bears, with the lower supporting trend line being tested.

ETH/USD 60-minute chart

Spot rate:                                    0.47752

Relative change:               -0.25%

High:                                                   0.48090

Low:                                                      0.47320

Trend:                                                 Neutral

Support 1:                                  475.00, today’s (Monday) low & lower trend line of rising wedge.  

Support 2:                                    473.24, 100MA.    

Support 3:                                  458.09, on top of the broken descending wegde.  

Resistance  1:                        481.87, 50MA.

Resistance 2:                         493.50, (resistance on 60-minute chart).

Resistance 3:                          500.00, psychological resistance.