ETH/USD Corrects, But Looks Promising

Ethereum stopped its uptrend on Tuesday as the price failed to work another bullish Flag. ETH/USD loses more than four percent in the past 24 hours but still looks bullish as we think this decline is nothing more than a simple downside correction to the previous uptrend.

Ethereum declined on Tuesday-Wednesday and reached the support area at $453.29. The currency pair formed a bullish Hammer candlestick pattern right on its support line with a fake breakout, meaning Ethereum is ready to burst upwards again.
If this works and buyers are successful, Ethereum will be able to reach at least $473.39 resistance area. We think that this target is enough for Wednesday. However, if buyers gain momentum, they will be able to drive the currency pair even higher.
This is the main scenario for today, but we should not forget about bears. They are also able to develop this downside correction even deeper. The price is likely to reach the next support area at $431.42 in this case.

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