FX.co ★ ETHUSD, Bearish Pressure | 16th March 2022

On the H4,with price moving the Ichimoku cloud, we have a bearish bias that price will drop to our 1st support at 2513 in line with the horizontal swing low support from our 1st resistance of 2671 in line with the horizontal swing high resistance and 61.8% Fibonacci retracement. Alternatively, price may break 1st resistance and head for 2nd resistance at 2762 in line with the horizontal swing high resistance and 78.6% Fibonacci retracement.

Trading Recommendation

Entry: 2671

Reason for Entry:

Horizontal swing high resistance and 61.8% Fibonacci retracement

Take Profit: 2513

Reason for Take Profit: Horizontal swing low support

Stop Loss: 2762

Reason for Stop Loss:Horizontal swing high resistance and 78.6% Fibonacci retracement