Forex Analysis & Reviews: ETHUSD Potential For Bearish Drop | 6th January 2023

Looking at the H4 chart, my overall bias for ETHUSD is bullish due to the current price crossing above the Ichimoku cloud, indicating a bullish market. If this bullish momentum continues, expect the price to head towards the 1st resistance at 1308.21, where the 38.2% Fibonacci line is. In an alternative scenario, price could head back down towards the 1st support at 1231.62, where the 50% Fibonacci line is.

Trading Recommendation
Entry: 1308.21
Reason for Entry: Retest 1st resistance line
Take Profit:1231.62
Reason for Take Profit: 1st support line
Stop Loss: 1351.87
Reason for Stop Loss:
Recent swing high

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex

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