Looking at the H4 chart, the current overall bias for ETHUSD is bearish overall. However overnight, it went through the 1st support line at 1220.00, where the 0% Fibonaaci line is located and then reflected back up. Price has turned short term bullish with price currently above the Ichimoku cloud. Expect price to possibly continue short term bullish and head towards the 1st resistance at 1405.86, where the previous low and 100% Fibonacci line is located.
Trading Recommendation
Entry: 1263.24
Reason for Entry: 38.2% and 50% Fibonacci line are intersecting there
Take Profit: 1405.86
Reason for Take Profit: 100% Fibonacci line and previous low are located there.
Stop Loss: 1190
Reason for Stop Loss:
Previous low and where the 0% Fibonacci and 100% Fibonacci line are.
