Looking at the H4 chart, the current overall bias for ETHUSD is bearish, with price currently under the Ichimoku cloud indicating a bearish market. Overnight, prices had huge bearish momentum downward with the price closing under the 1st resistance line at 1220.00 where the previous low and 100% Fibonacci line was located. The price is currently trading at 1064.49 at the time of writing. If this bearish momentum continues, expect the price to head towards the 1st support line at 1064.49 where the -27.2% Fibonacci expansion and 127.2% Fibonacci extension line is located. In an alternative scenario, price could head back up to retest the 1st resistance line .
Trading Recommendation
Entry: 1385.07
Reason for Entry: 2nd resistance line where the 23.6% and 61.8% Fibonacci lines are located.
Take Profit: 1064.49
Reason for Take Profit: 1st support line where the -27.2% Fibonacci expansion line and 127.2% Fibonacci extension line is located.
Stop Loss: 1677.00
Reason for Stop Loss:
Where the previous high was located
