ETH/USD's Head in Sand! Any Chance to Recover???

Ethereum has suffered big losses again as the crypto declined for over than eight percent on Thursday. ETH/USD still holds its downside tendency as the price is below the midterm red descending trend line. There was a bullish correction on Wednesday, but buyers failed to develop its higher and retreated later. The currency pair established new local lows.
The currency pair started a correction on Wednesday and almost reached the closest resistance area at $615.51. However, buyers were unable to drive ETH/USD higher as bears regained control over the market. Sellers pushed Ethereum lower towards 2.618 retracement 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. Bearish scenario. The price seems to end testing 2.618 retracement 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. Bullish 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.