FX.co ★ ETHUSD Potential For Bearish Drop | 29th August 2022

On the H4, with price moving below the ichimoku indicator, we have a bearish bias that price will drop from 1st resistance at 1464.00 where the pullback resistance is to the 1st support at 1357.12 where the swing low support and 78.6% fibonacci projection are. Alternatively, price could break 1st resistance structure and rise to 2nd resistance at 1559.82 where the overlap resistance is.

Trading Recommendation

Entry: 1464.00

Reason for Entry:Pullback resistance

Take Profit: 1357.12

Reason for Take Profit:Swing low support and 78.6% fibonacci projection

Stop Loss: 1559.82

Reason for Stop Loss:

Overlap resistance