ETHUSD Potential For Bullish Rise | 5th September 2022

On the H4, with price breaking out of the descending trendline and moving above the ichimoku indicator, we have a bullish bias that price will rise from 1st support at 1559.82 where the overlap support is to the 1st resistance at 1725.44 where the swing high resistance and 50% fibonacci retracement are. Alternatively, price could break 1st support and drop to 2nd support at 1419.94 where the swing low support, 78.6% fibonacci projection and 161.8% fibonacci extension are.

Trading Recommendation

Entry: 1559.82

Reason for Entry:Overlap support

Take Profit: 1725.44

Reason for Take Profit:Swing high resistance and 50% fibonacci retracement

Stop Loss: 1419.94

Reason for Stop Loss:Swing low support, 78.6% fibonacci projection and 161.8% fibonacci extension