Ethereum Technical Analysis: ETH/USD plummets further, as price is testing the very last legs of a strong demand zone, at danger of another drop

  • Ethereum hits sessions lows at $461.00, finding support at levels seen on 18th March during period of sell-off for the month.
  • ETH/USD has moved back out of the oversold territory, after seeing the RSI at around the 22 mark before seeing a bounce in the price.
  • Resistance may not be seen heading back towards an initial demand zone, where the price was capped during a period of range-bound trading earlier in the week.

 

ETH/USD 60-minute chart

 

Spot rate:                  471.50              

Relative change:      -4.60%

High:                          511.11

Low:                          461.00

 

Trend:                          Bearish

 

 

Support 1:                   461.50, today’s (Wednesday) lows & 18th March support.

Support 2:                   392.00, demand zone & 7th December lows.

Support 3:                   357.00, 1st April lows.

Resistance 1:              495.90, 50MA.

Resistance 2:              505.00, previous demand zone.

Resistance 3:              511.02, 100MA.

 

 

 

 

 

 

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