FX.co ★ ETHUSD Potential For Bearish Momentum | 15th September 2022

On the H4, price has reflected off the second resistance at 1789.8 where the 61.8% Fibonacci level is and pulled back hence we are currently bearish bias. Price looks like it's moving toward the first support at 1508.57 where the previous swing low is at. If bearish momentum continues it should bring price to the second support at 1420.74 where the previous swing low sits. Alternatively price just touched the 78.6% Fibonacci projection at 1554.15, so it could come back to test the first resistance at 1676.58 where the 50% retracement is.

Trading Recommendation

Entry: 1671.37

Reason for Entry: 50% retracement area

Take Profit: 1489.98

Reason for Take Profit: Previous swing low area, 100% projection areaStop Loss: 1789.86

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