On the H4 chart, ETHUSD is bearish. Price has closed above the Ichimoku cloud, signaling a bullish market in the immediate term. Overnight, the price has continued to rise in a bullish trend. Price is projected to continue rising until the first resistance level at 1420.74, which corresponds to the last swing low.
Trading Recommendation
Entry: 1420.74
Reason for Entry: The 38.2% Fibonacci retracement line, the 100% Fibonacci line, and the previous swing low have all intersected.
Take Profit: 1193.06
Reason for Take Profit: 161.8% Fibonacci extension line
Stop Loss: 1520.00
Reason for Stop Loss:
Slightly above the 50% Fibonacci retracement line
