FX.co ★ ETHUSD Potential For Bearish Momentum | 17th November 2022

Based on the H4 chart, the current overall bias for ETHUSD is bearish, with the price currently trading below the Ichimoku cloud, indicating a bearish market. If the bearish momentum continues, the price will break the first support line at 1190.61, which is the previous low and the 100% Fibonacci line, and head towards the second support at 1064.49, which is the -27.2% Fibonacci expansion line and the 127.2% Fibonacci extension line. In an alternate scenario, price could rise to retest the first resistance line at 1385.07, which contains the 23.6% and 61.8% Fibonacci lines.

Trading Recommendation

Entry: 1385.07

Reason for Entry: 1st resistance line where the 23.6% and 61.8% Fibonacci lines are located.

Take Profit: 1190.61

Reason for Take Profit: 1st support line where the previous swing low and 100% Fibonacci line are located.

Stop Loss: 1677.00

Reason for Stop Loss:

Where the previous high was located