Let’s zoom a bit to the Fibo retracement tool. The price shows low volatility today. It is close to the support area at $566.90. ETH/USD has broken through the descending trend line on Wednesday. Ethereum makes attempts to run higher since, but still needs more power. What are the possible ways for ETH/USD?
1. Red scenario (bearish). ETH/USD will break through the current support area at $566.90 and move lower targeting the next support area at 3.618 retracement level.
2. Orange scenario (neutral). Ethereum will jump off the current support area at $566.90 and move higher towards the next resistance area at $596.08. ETH/USD will reverse there to move lower (flat fluctuations).
3. Green scenario (bullish). The currency pair will reach $596.08 resistance area and move higher towards $626.66 resistance area, which coincides with 1.618 retracement level.
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