ETH/USD Bulls Find Support
Ethereum / Dollar BITFINEX:ETHUSD
Ethereum has added more than two percent in the past 24 hours. The currency pair has started a correction on Wednesday after establishing new weekly lows. However, this correction is smooth currently meaning bears are still able to reverse the price.
Let’s see what is going on the Hourly chart. The currency pair has tested the support area at $473.39 and jumped off it. Ethereum moved towards the closest resistance area later but failed to reach it. ETH/USD remains between the two areas currently. The possible ways for the currency pair are the following:
1. Red scenario ( bearish ). The currency pair will break through the closest support area at $473.39 and move lower, targeting the next support area at $453.24.
2. Orange scenario (neutral). Ethereum will stay within the current range between the support area at $473.39 and the resistance area at $500.36.
3. Green scenario ( bullish ). ETH/USD will break through the resistance area at $500.36, targeting the next resistance at 3. 618 retracement level.
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