FX.co ★ ETHUSD, Potential For Bearish Drop | 6th June 2022

On the H4, with price reverse off the ichimoku indicator resistance, we have a bearish bias that price will drop from our 1st resistance at 1907 in line with the horizontal pullback resistance and 61.8% fibonacci projection level to our 1st support of 1745 in line with the horizontal swing low support. Alternatively, price may break 1st resistance and head for 2nd resistance at 2000 in line with horizontal swing high resistance and 78.6% fibonacci projection.

Trading Recommendation

Entry: 1907

Reason for Entry: Horizontal pullback resistance and 61.8% fibonacci projectionTake Profit: 1745

Reason for Take Profit: Horizontal swing low support

Stop Loss: 2000

Reason for Stop Loss:

Horizontal swing high resistance and 78.6% fibonacci projection