FX.co ★ ETHUSD Potential For Bearish Momentum | 14th September 2022

On the H4, price looks like it has pulled back slightly hence we are currently bearish bias. Price looks like it's moving toward the first support at 1510.29 where the 100% projection sits. If bearish momentum continues it should bring price to the second support at 1424.86 where the previous swing low sits. Alternatively price could bounce back to test the first resistance at 1676.15 where the 38.2% retracement at 61.8% projection sits

Trading Recommendation

Entry: 1676.15

Reason for Entry: 38.2% retracement and 61.8% projection

Take Profit: 1510.29

Reason for Take Profit: Previous swing low, 100% projection

Stop Loss: 1791.03

Reason for Stop Loss:Pullback resistance and 61.8% fibonacci retracement