FX.co ★ ETHUSD, Bearish Pressure | 28th Feb 2022

On the H4, with price currently moving within the Ichimoku cloud, we have a bias that price will drop to our support at 2515 in line with the 61.8% Fibonacci retracement from our 1st resistance at 2717 in line with the 50% Fibonacci retracement and horizontal overlap resistance. Alternatively, price may break 1st resistance and head for 2nd resistance at 2834 in line with the 78.6% Fibonacci retracement.

Trading Recommendation

Entry: 2717

Reason for Entry:

Graphical overlap support and 50% Fibonacci projection

Take Profit: 2515

Reason for Take Profit:

Graphical overlap support and 61.8% Fibonacci projection

Stop Loss: 2834

Reason for Stop Loss:

Horizontal overlap resistance and 78.6% Fibonacci retracement