FX.co ★ ETHUSD Potential For Bearish Drop | 1st December 2022

On the H4 chart, the overall bias for ETHUSD is bearish. However, the price is now above the Ichimoku cloud which might indicate a shift to a bullish market. Expecting price to possibly break the 1st resistance at 1308.21, where the 38.2% Fibonacci line is before heading towards the 2nd resistance line at 1400.48, where the 61.8% Fibonacci line is. In an alternative scenario, price could possibly head back down towards the 1st support at 1071.11, where the previous swing low is.

Trading Recommendation

Entry: 1308.21

Reason for Entry: 1st resistance line

Take Profit:1071.11

Reason for Take Profit: 1st support line

Stop Loss: 1677.00

Reason for Stop Loss:

Slightly above where the 2nd resistance line is located.