Ethereum Technical Analysis: ETH/USD price action narrows within early $500 territory, eyes on bearish flag formation

• Ethereum remains on the back foot during trading through Tuesday’s session, down 1.30%.
• A bearish flag formation can be eyed on the 15-minute chart view.
• ETH/USD price has been trading within a tight $30 range, over the past two sessions.

ETH/USD 15-minute chart

Spot rate:                                     523.71

Relative change:               – 1.33%

High:                                                     544.25

Low:                                                       519.54

Trend:                                                   Bearish

Support 1:                                  520.00, lower trend line of flag.

Support 2:                                    509.30, (support on 15-minute chart)

Support 3:                                    505, demand zone entry.  

Resistance 1:                           525.60, 100MA.

Resistance 2:                           529.05, 50MA.

Resistance 3:                           533.50, entry supply zone.