Looking at the H4 chart, the current overall bias for ETHUSD is bullish, with price currently within the green Ichimoku cloud. Overnight, price continued to consolidate under the 1st resistance level at 1561.62 where 2 of the 61.8% Fibonacci lines are located. Expecting price to possibly retrace back up and retest the 1st resistance level.
Trading Recommendation
Entry: 1561.62
Reason for Entry: Sell limit entry for price to retest the 1st resistance level
Take Profit: 1411.43
Reason for Take Profit: Previous low and where the 100% and 38.2% Fibonacci lines are located
Stop Loss: 1663.98
Reason for Stop Loss:
Where the previous small high was located
