FX.co ★ ETHUSD, Bearish Dip | 21st April 2022

On the H4, with price expected to reverse off the Ichimoku resistance and the resistance of the stochastics indicator, we have a bearish bias that price will drop from our 1st resistance in line with the horizontal overlap resistance and 38.2% Fibonacci retracement at 3158 to our 1st support at 2892 in line with the horizontal swing low support and 61.8% Fibonacci projection. Alternatively, price may break 1st resistance and head for 2nd resistance at 3312 in line with the horizontal swing high resistance and 61.8% Fibonacci retracement.

Trading Recommendation

Entry: 3158

Reason for Entry:

Horizontal overlap resistance and 38.2% Fibonacci retracement

Take Profit: 2892

Reason for Take Profit:Horizontal swing low support and 61.8% Fibonacci projection

Stop Loss: 3312

Reason for Stop Loss:

Horizontal swing high resistance and 61.8% Fibonacci retracement