Ethereum Technical Analysis: ETH/USD's shallow recovery finds resistance near $450

  • Today's technical correction loses momentum near $450, daily RSI moves sideways around 40, suggesting that sellers remain in control.
  • $400 looks vulnerable, a decisive break below that level could drag the pair to a fresh 2018 low.
  • Only a daily close above $500 could neutralize the near-term outlook.

ETH/USD daily chart

Spot rate:                   436.75

Relative change:        +1%

High:                           448

Low:                            424.70

 

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). 

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