FX.co ★ ETHUSD, Bearish Pressure | 16th Feb 2022

On the H4, with price expected to reverse off the resistance of the stochastics, we can expect price to drop from our 1st resistance at 3274 in line horizontal graphical swing high resistance from our 1st support in line with horizontal overlap support and 61.8% Fibonacci retracement at 2850. Alternatively, price may break 1st resistance structure and head for 2nd resistance, which coincides with horizontal overlap resistance and 127.2% Fibonacci extension at 3593.

Trading Recommendation

Entry: 3274

Reason for Entry:

Horizontal graphical swing high resistance

Take Profit:2850

Reason for Take Profit:

Horizontal overlap support and 61.8% Fibonacci retracement

Stop Loss: 3593

Reason for Stop Loss:

Horizontal overlap resistance and 127.2% Fibonacci extension