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.
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