FX.co ★ ETHUSD, Potential For Bearish drop | 16th June 2022

On the H4, with price moving below our ichimoku cloud, we have a bearish bias that price will drop to our 1st support at 702 in line with the 78.6% Fibonacci projection level from our 1st resistance at 1282 in line with the horizontal pullback resistance is. Alternatively, price may not break structure and head for our 2nd resistance at 1739 where the pullback resistance and 23.6% Fibonacci retracement.

Trading Recommendation

Entry: 1282Reason for Entry:Horizontal pullback resistance

Take Profit: 702

Reason for Take Profit: 78.6% Fibonacci projectionStop Loss: 1739

Reason for Stop Loss:

Horizontal pullback resistance and 23.6% Fibonacci retracement