On the H4, the price of ETHUSD is currently pretty negative overall. Price has recently closed above the Ichimoku cloud, pointing to a potential reversal in the short-term trend. From the first support level at 1279.66, which is the 138.2% Fibonacci extension line, ETHUSD continued to rise overnight. At 1420.74, the initial resistance line, we expect a price reversal to the 100% Fibonacci and 38.2% Fibonacci lines.
Trading Recommendation
Entry: 1329.18
Reason for Entry: 38.2% Fibonacci retracement
Take Profit: 1420.74
Reason for Take Profit: 100% Fibonacci extension line and previous swing low
Stop Loss: 1220.00
Reason for Stop Loss:The most recent low
