FX.co ★ ETHUSD, Bearish Pressure | 4th April 2022

On the H4, with price expected to reverse off the stochastics indicator, we expect to see a potential for bearish drop from our 1st resistance of 3589 in line with the horizontal pullback resistance and 127.2% fibonacci extension towards our 1st support level at 3246 in line with the horizontal overlap support and 38.2% Fibonacci retracement. Alternatively, If price breaks our 1st resistance, it can potentially move towards our 2nd resistance level at 3881 which is in line with the horizontal swing high resistance and 161.8% Fibonacci projection.

Trading Recommendation

Entry: 3589

Reason for Entry:

Horizontal pullback resistance and 127.2% fibonacci extension

Take Profit: 3246

Reason for Take Profit:Horizontal overlap support and 38.2% Fibonacci retracement

Stop Loss: 3881

Reason for Stop Loss:

Horizontal swing high resistance and 161.8% Fibonacci projection