Ethereum Technical Analysis: ETH/USD continues to dine with the bears, another worrying pattern takes form, indicating some further selling may be near

• Etheruem was seen down around 1.5% on Thursday, enjoying a very minor bounce after hitting session lows.  
• ETH/USD recent price action has formed a bearish pennant pattern, which is subject to a potential break lower.  
• A cooling in prices is very much still evident across the board, without signs of a slowdown for now.  

ETH/USD 60-minute chart

Spot rate:                    414.26

Relative change:        -1.40%

High:                          424.68

Low:                           409.47

Trend:                         Bearish
 

Support 1:                  409.47, today’s (Thursday) low & lower part of pennant pattern.

Support 2:                  407.83, Wednesday low (lowest level in 5 weeks).

Support 3:                  406.00, demand zone.

Resistance 1:             415.50, previous demand zone.  

Resistance 2:             418.00, 50MA.

Resistance 3:             421.80, 100MA.