- Ethereum was slammed hard by the bears in the early part of Wednesday, first day of trading in August dropping some 6% initially.
- ETH/USD printed its lowest level in around 5 weeks, making to salvage some support just above $400.
- Looking at the longer time frame, daily, via the RSI it isn’t quite in oversold territory yet.
ETH/USD 60-minute chart
Spot rate: 422.14
Relative change: -2.28%
High: 437.21
Low: 410.27
Trend: Bearish
Support 1: 418.00, demand zone.
Support 2: 410.97. today’s (Wednesday) low, consolidation area in June, before large bull run.
Support 3: 405.00, 29th June low.
Resistance 1: 425-426 top area for today (Wednesday) (resistance on 60-minute chart).
Resistance 2: 425-430, supply zone.
Resistance 3: 436.72, 50MA.