FX.co ★ ETHUSD Potential For Bearish Momentum | 23rd September 2022

On the H4, price has reflected off the 1st Support at 1280.00 where the 138.2% Fibonacci extension line is. Price could possible head back up to the 1st resistance for retracement and then head lower back down towards the 2nd support area.

Trading Recommendation

Entry: 1420.74

Reason for Entry:

Retracement sell entry at the previous swing low and 100% Fibonacci extension line area

Take Profit: 1280.00

Reason for Take Profit:

138.2% Fibonacci extension line and 1st support line

Stop Loss: 1475.77

Reason for Stop Loss

Previous swing high