Ethereum Technical Analysis: ETH/USD retraces Wednesday’s gains, bears eye $400

• ETH/USD erases yesterday’s recovery gains as the negative sentiment surrounding the cryptocurrency market weighs.
• The RSI indicator on the daily chart eases below 40 to suggest that the bears preserve their strength.  
• $400 remains as the next short-term target ahead of $360 (2018 low).

ETH/USD daily chart

Spot rate:                   434.35

Relative change:         -2.42%

High:                            445.75

Low:                             426.46

Trend:                        Bearish

Support 1:                  400 (Jun. 29 low/end point of May 5 – June 29 doıwntrend).

Support 2:                  360 (2018 low).    

Support 3:                  300 (psychological level/horizontal support from Nov. 2017).    

Resistance  1:             455 (20-DMA).

Resistance 2:             500/505 (psychological level/Fibo. 23.6% retracement of May 5 – June 29 downtrend).

Resistance 3:             570 (Fibo. 38.2% retracement of May 5 – June 29 downtrend).