FX.co ★ ETHUSD, Bearish Reversal | 19th April 2022

On the H4, we see the price is near pivot level. Price can potentially reverse from 1st resistance level of 3089.50 in line with the 61.8% Fibonacci projection towards the 1st support level of 2892.71 in line with 78.6% Fibonacci projection and 61.8% Fibonacci retracement. Alternatively, price might break through the key resistance structure and head for our 2nd resistance level of 3152.04 in line with 100% Fibonacci projection and 61.8% Fibonacci retracement.

Trading Recommendation

Entry: 3089.50

Reason for Entry:

61.8% Fibonacci projection.Take Profit: 2892.71

Reason for Take Profit:78.6% Fibonacci projection and 61.8% Fibonacci retracement.

Stop Loss: 3152.04

Reason for Stop Loss:

100% Fibonacci projection and 61.8% Fibonacci retracement.