ETH/USD Is Correcting. What's Next???

Ethereum has added more than one percent in the past 24 hours and established new local highs. However, the currency pair is still in correction. It is too early to say that we have a reverse of a midterm downside tendency.
Let’s see closer what is going on the Hourly chart. Ethereum formed a Flag pattern yesterday but declined later, breaking this formation. However, ETH/USD has managed to move higher again as it has found support at $596.08. There is another bullish Flag currently on the Hourly chart. The price is below the green ascending trend line. The possible ways for Ethereum are the following:
1. Red scenario (bearish). ETH/USD will move towards the closest support area at $596.08 and break through it targeting the next support area at $566.90.
2. Orange scenario (neutral). Ethereum will stay within the current range, limited by the support area at $596.08 and the closest resistance area at $626.66 without significant price changes.
3. Green scenario (bullish). The currency pair will break through $626.66 targeting the next resistance area at $662.39, which coincides with the 1 retracement level.

Check the full crypto analysis HERE>>>.