ETH/USD New Lows Established, Ethereum Correcting Upwards

The currency pair has added less than two percent in the past 24 hours. However, as we can see it on the chart, Ethereum suffered significant losses on weekend. The currency pair resumed its downtrend and stays below the descending trend line.
When we look closer at the Hourly chart we can see that Ethereum has tested the support area at $431.42. The currency pair failed to develop its downside progress as buyers regain initiative and drove ETH/USD higher. However, they were unable to change the situation significantly as Ethereum has tested the resistance area at $453.24, but retreated from there. The possible ways for ETH/USD are the following:
1. Red scenario (bearish). The currency pair will test the support area at $431.42 and if successful, bears will have an opportunity to develop their progress.
2. Orange scenario (neutral). Ethereum will fluctuate within $431.42 and $453.24 levels without significant price changes.
3. Green scenario (bullish). ETH/USD will test the resistance area at $453.24 and if successful, bulls will drive the currency pair higher targeting the next resistance at $473.39.

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