On the H4 chart, the overall bias for ETHUSD is bearish. However, the price is now above the Ichimoku cloud which might indicate a short-term shift to a bullish market. Expecting price to possibly break the 1st resistance at 1308.21, where the 38.2% and 78.6% Fibonacci lines are before heading towards the 2nd resistance line at 1384.67, where the 50% and 61.8% Fibonacci lines are. In an alternative scenario, price could possibly head back down towards the 1st support at 1071.11, where the previous swing low is.
Trading Recommendation
Entry: 1308.21
Reason for Entry: 1st resistance line
Take Profit:1071.11
Reason for Take Profit: 1st support line
Stop Loss: 1677.00
Reason for Stop Loss:
Slightly above where the 2nd resistance line is located.
