FX.co ★ ETHUSD, Bearish Continuation | 23rd Feb 2022

On the H4, Price is near 1st resistance level of 2664.28 in line with 100% Fibonacci projection and 23.6% Fibonacci retracement. Price can potentially dip to the graphical swing low support of 2318.71. Our bearish bias is supported by the Ichimoku cloud indicator as price is trading below it. Alternatively, price can go to the 2nd resistance level of 2815.39 in line with 38.2% Fibonacci retracement and 78.6% Fibonacci projection.

Trading Recommendation

Entry: 2664.28

Reason for Entry:

Horizontal graphical overlap resistance, 78.6% Fibonacci extension and 38.2% Fibonacci extension

Take Profit: 2318.71

Reason for Take Profit:Graphical swing low support

Stop Loss: 2815.39

Reason for Stop Loss: 38.2% Fibonacci retracement and 78.6% Fibonacci projection