The currency pair started a correction on Wednesday and almost reached the closest at $615.51. However, buyers were unable to drive ETH/USD higher as bears regained control over the market. Sellers pushed Ethereum lower towards 2. level and managed to jump over it as ETH/USD fluctuates below this line in the moment of writing.
The possible scenarios for ETH/USD are the following:
1. scenario. The price seems to end testing 2. level from below and is able to resume its downside tendency in the nearest future. Targets are below the long spike that we had several hours ago.
2. scenario seems to be unreal at the moment as the market is still under the pressure. However, we could give around 10-20% that ETH/USD would be able to start growing from the current levels.
Check the full crypto analysis HERE.