Looking at the H4 chart, my overall bias for ETHUSD is bearish due to the current price being below the Ichimoku cloud, indicating a bearish market .If this bearish momentum continues, expect price to possibly head towards the 1st support at 1071.11, where the -previous swing low is located. In an alternate scenario, price could possibly head back up towards the 1st resistance level at 1291.84, where the 38.2% Fibonacci line is located.
Trading Recommendation
Entry: 1302.56
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.
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