ETH/USD Deeper Correction. What's Next???

Ethereum seems to recover in general as it goes along is short term ascending trend line meaning bulls have finally found support and try to drive ETH/USD higher. However, the currency pair have lost nearly two percent in the past 24 hours as bears make attempts to counter attack. This upside run is nothing more than a correction still as fundamentally there are no reasons for Ethereum to change its trend. Anyway, traders can benefit from this correction.
Let’s have a closer look at the Hourly chart. The price tries to break through the green ascending trend line and tests the closest support area at $596.08. ETH/USD ran higher during the weekend and established new local highs at $626.66, which coincides with 1.618 retracement level, but then buyers retreated allowing sellers to start a local bearish correction. The possible ways for ETH/USD are the following:
1. Red scenario (bearish). The currency pair will break through the trend line and the closest support area at $596.08 and move lower targeting the next support area at $566.90, which coincides with 2.618 retracement level.
2. Orange scenario (neutral). The price will reach the closest resistance area at $626.66 and jump off it moving towards the green ascending trend line. Horizontal channel for the neutral scenario is limited by support area at $596.08 and resistance area at $626.66.
3. Green scenario (bullish). ETH/USD will cross $626.66 resistance area and run higher targeting $662.39 resistance area.

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