Looking at the H4 chart, my overall bias for ETHUSD is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market .If this bearish momentum continues, expect price to possibly head towards the 1st support at 1064.49, where the -27.2% Fibonacci expansion line and 127.2% Fibonacci extension line are located. In an alternate scenario, price could possibly head back up towards the 1st resistance level at 1190.61, where the previous swing low is located.
Trading Recommendation
Entry: 1302.56
Reason for Entry: 38.2% Fibonacci retracement line
Take Profit: 1190.61
Reason for Take Profit: 1st support line where the previous swing low and 100% Fibonacci line are located.
Stop Loss: 1677.00
Reason for Stop Loss:
Slightly above where the 61.8% Fibonacci line is located.
