FX.co ★ ETHUSD, Bullish Pressure | 15th Feb 2022

On the H4, with price expected to bounce off the support of the stochastics, we can expect price to rise to our 1st resistance at 3251 in line horizontal graphical swing high resistance from our 1st support in line with horizontal overlap support and 61.8% Fibonacci retracement at 2850. Alternatively, price may break 1st support structure and head for 2nd support, which coincides with horizontal swing low support and 61.8% Fibonacci retracement at 2597.

Trading Recommendation

Entry: 2850

Reason for Entry:

Horizontal overlap support

Take Profit: 3251

Reason for Take Profit:

Horizontal graphical overlap resistance and 61.8% Fibonacci retracement

Stop Loss: 2597

Reason for Stop Loss:

Horizontal swing low support and 61.8% Fibonacci retracement