On the H4, the overall price of ETHUSD is very bearish. Price has been consolidating above the first support line at 1279.00 for the past two weeks, including Monday this week, which also happens to be the 138.2% Fibonacci line. Price has now closed above the Ichimoku cloud, indicating a possible trend change in the short term. Expect price to return to the first resistance line at 1420.74, which is the 100% Fibonacci and 38.2% Fibonacci line.
Trading Recommendation
Entry: 1320.94
Reason for Entry: Immediate entry with price above the Ichimoki cloud, indicating a bullish market
Take Profit: 1420.74
Reason for Take Profit: 100% Fibonacci extension line and previous swing low
Stop Loss: 1220.00
Reason for Stop Loss:
The most recent low
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