FX.co ★ ETHUSD, Bullish Pressure | 21th Feb 2022

On the H4, with RSI being on bearish momentum, we can expect bearish continuation from our 1st resistance at 2823 in line horizontal graphical overlap resistance and 38.2% Fibonacci retracement towards our 1st support at 2501.17 in line with horizontal overlap support and 161.8% Fibonacci projection. Alternatively, price may break 1st resistance structure and head for 2nd resistance, which coincides with 23.6% Fibonacci retracement at 2944.66.

Trading Recommendation

Entry: 2823

Reason for Entry:

Horizontal graphical overlap resistance and 38.2% Fibonacci retracement

Take Profit: 2501.17

Reason for Take Profit:

Horizontal graphical overlap support and 161.8% Fibonacci retracement

Stop Loss: 2944.66

Reason for Stop Loss:

23.6% Fibonacci retracement