FX.co ★ ETHUSD Potential For Bearish Drop | 24th August 2022

On the H4, with price breaking out of an ascending channel and moving below the ichimoku indicator, we have a bearish bias that price will drop from the 1st resistance at 1642.25 where the pullback resistance is to the 1st support at 1357.12 where the swing low support and 61.8% fibonacci projection are. Alternatively, price could break 1st resistance and rise to 2nd resistance at 1792.30 where the overlap resistance, 50% fibonacci retracement and 61.8% fibonacci projection are.

Trading Recommendation

Entry: 1642.25

Reason for Entry:Pullback resistance

Take Profit: 1357.12

Reason for Take Profit:Swing low support and 61.8% fibonacci projection

Stop Loss: 1792.30

Reason for Stop Loss:Overlap resistance, 50% fibonacci retracement and 61.8% fibonacci projection