FX.co ★ ETHUSD, Bearish Continuation | 25th Feb 2022

On the H4, Price is near 1st resistance level of 2666 in line with our horizontal swing high resistance. Price can potentially dip to the graphical overlap support of 2501 in line with the 61.8% Fibonacci projection. 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 2857 in line with the horizontal overlap resistance and 127.2% Fibonacci extension is.Trading Recommendation

Entry: 2666

Reason for Entry:

Horizontal swing high resistance

Take Profit: 2501

Reason for Take Profit:

Graphical overlap support and 61.8% Fibonacci projection

Stop Loss: 2857

Reason for Stop Loss:Horizontal overlap resistance and 127.2% Fibonacci extension