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, price had huge bearish momentum downward. The price is currently trading at 1317.43 at the time of writing. If this bearish momentum continues, expect the price to head towards the 1st support line at 1220.00 where the previous low and 100% Fibonacci line is located. In an alternative scenario, price could head back up to retest the 1st resistance line at 1385.07 where the 23.6% and 61.8% Fibonacci lines are located.
Trading Recommendation
Entry: 1490.97
Reason for Entry: Where the 38.2% and 61.8% Fibonacci lines are located.
Take Profit: 1220.00
Reason for Take Profit: Where the previous low and where the 100% Fibonacci line is located
Stop Loss: 1677.00
Reason for Stop Loss:
Where the previous high was located