FX.co ★ ETHUSD Potential For Bearish Drop | 30th 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 1559.82 where the overlap resistance, 50% fibonacci retracement and 78.6% fibonacci projection are to the 1st support at 1419.94 where the swing low support, 161.8% fibonacci extension and 61.8% fibonacci projection are. Alternatively, price could break 1st resistance structure and rise to 2nd resistance at 1655.51 where the pullback resistance and 78.6% fibonacci retracement are.

Trading Recommendation

Entry: 1559.82

Reason for Entry:Overlap resistance, 50% fibonacci retracement and 78.6% fibonacci projection

Take Profit: 1419.94

Reason for Take Profit:Swing low support, 161.8% fibonacci extension and 61.8% fibonacci projection

Stop Loss: 1655.51

Reason for Stop Loss:

Pullback resistance and 78.6% fibonacci retracement