Let’s have a closer look at the Hourly chart. The price tries to break through the green ascending trend line and tests the closest support area at $596.08. ETH/USD ran higher during the weekend and established new local highs at $626.66, which coincides with 1.618 retracement level, but then buyers retreated allowing sellers to start a local bearish correction. The possible ways for ETH/USD are the following:
1. Red scenario (bearish). The currency pair will break through the trend line and the closest support area at $596.08 and move lower targeting the next support area at $566.90, which coincides with 2.618 retracement level.
2. Orange scenario (neutral). The price will reach the closest resistance area at $626.66 and jump off it moving towards the green ascending trend line. Horizontal channel for the neutral scenario is limited by support area at $596.08 and resistance area at $626.66.
3. Green scenario (bullish). ETH/USD will cross $626.66 resistance area and run higher targeting $662.39 resistance area.
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