CryptoComes

ETH/USD Bullish Flag Pattern. What's Next???

BITFINEX:ETHUSD   Ethereum
Ethereum has added almost two percent in the past 24 hours but the price is still below the green ascending trend line. The situation looks like ETH/USD is in correction in general, but the latest fluctuations show that the currency pair is in a large flat with no clear direction.
Let’s see closer what is happening inside the Fibonacci retracement. ETH/USD has reached 2.618 retracement level on Tuesday but failed to hold it as the price went upwards. Ethereum has crossed the closest resistance area at $596.09 later. The currency pair stays above this level currently, below the ascending trend line. What are the possible ways for Ethereum?
1. Red scenario (bearish). The currency pair will break through the closest support area at $596.08 and run lower targeting the next support area at $566.90.
2. Orange scenario (neutral). ETH/USD Will stay within the current horizontal range, limited by the resistance area at $626.66 and the support area at $596.08 without any significant changes.
3. Green scenario (bullish). The currency pair will break through $626.66 resistance area targeting the next one at $662.39. This scenario includes also situation when ETH/USD jumps over the ascending trend line.

Check the full crypto analysis HERE>>>.

All trading ideas every day on CryptoComes: u.today/pricewise

Everything about blockchain and crypto, Live 24/7 on CryptoComes: u.today/pricewise

Follow me and trade smarter with our insides!
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.