FX.co ★ ETHUSD Potential For Bearish Momentum | 22nd September 2022

On the H4, price has pushed through the 1st Support at 1554.03 where the previous swing low sat. Price has also pushed through the second support at 1276.99 where the 138.2% Fibonacci extension lies. Price could possibly head back up to the second support for retracement and then head lower.

Trading Recommendation

Entry: 1276.99

Reason for Entry: Retracement sell entry at the previous swing low and 138.2% Fibonacci extension line area

Take Profit: 1005.25

Reason for Take Profit: Previous swing low area from 13th July 2022

Stop Loss: 1412.2

Reason for Stop Loss:Previous swing high