FX.co ★ ETHUSD Potential For Bearish Drop to previous swing low

Description : Looking at the H4 chart, my overall bias for ETHUSD is bearish due to the current price crossing below the Ichimoku cloud, indicating a possible shift to bearish market structure. Looking for a sell entry at 1658.36 where the 50% Fibonacci line and overlap resistance is. Stop loss will be at 1742.50, where the recent high is. Take profit will be at 1525.12 where overlap support and 78.6% Fibonacci line is.

Trading Recommendation

Entry: 1658.36

Reason for Entry: 50% Fibonacci line and overlap resistance

Take Profit: 1525.12

Reason for Take Profit: Previous swing low

Stop Loss: 1742.50

Reason for Stop Loss:

Recent high