EHT/USD, More than 10% of Losses

Ethereum has lost over ten percent in the past 24 hours. The currency pair holds bearish moods in midterm as the price is below the midterm descending trend line (red). There was an upside correction, but ETH/USD seems to resume its downtrend as the currency pair establishes new local lows.
Let’s have a closer look at the situation within the Fibonacci retracement indicator. The currency pair has chosen the bearish scenario on Tuesday and the price declined below the red descending midterm trend line and below the 1 retracement level. ETH/USD has tested the trend line from below but failed to break it through and jumped off it.
The possible scenarios for ETH/USD are the following:
1. Bullish scenario (nearly 60% of probability). The currency pair will go towards the closest 1 retracement level to test it. If successful, buyers will be able to drive ETH/USD towards the descending midterm trend line, which is not far from the closest resistance area at $641.43. The next resistance level will be at $664.59.
2. Bearish scenario (nearly 30% of probability). The currency pair will resume its decline from current levels or from 1.618 retracement level. The closest support to break is $615.51.
3. Neutral scenario (nearly 10% of probability). The currency pair will stay here without significant price changes.
Bullish scenario means a deeper correction to the general downside tendency that may be seen on the Hourly chart. We think that this general downside tendency is likely to progress in the nearest future.
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