FX.co ★ ETHUSD, Bearish Pressure | 10th March 2022

On the H4,with price expected to reverse off the stochastics indicator, we have a bearish bias that price will drop to our 1st support at 2451 in line with the horizontal swing low support from our 1st resistance at 2774 in line with the horizontal swing high resistance and 50% Fibonacci retracement. Alternatively, price may break 1st resistance and head for 2nd resistance at 2835 in line with the horizontal overlap resistance and 61.8% Fibonacci retracement.

Trading Recommendation

Entry: 2774

Reason for Entry:

Horizontal swing high resistance and 50% Fibonacci retracement

Take Profit: 2451

Reason for Take Profit: Horizontal swing low support

Stop Loss: 2835

Reason for Stop Loss: Horizontal overlap resistance and 61.8% Fibonacci retracement