FX.co ★ ETHUSD Potential For Bearish Drop | 5th January 2023

Looking at the H4 chart, my overall bias for ETHUSD is bullish due to the current price crossing above the Ichimoku cloud, indicating a bullish market. If this bullish momentum continues, expect the price to head towards the 1st resistance at 1308.21, where the 38.2% Fibonacci line is. In an alternative scenario, price could head back down towards the 1st support at 1231.62, where the 50% Fibonacci line is.

Trading Recommendation

Entry: 1308.21

Reason for Entry: Retest 1st resistance line

Take Profit:1231.62

Reason for Take Profit: 1st support line

Stop Loss: 1351.87

Reason for Stop Loss:

Recent swing high