FX.co ★ ETHUSD, Bullish Pressure | 1st March 2022

On the H4, with price currently moving above the Ichimoku cloud, we have a bias that price will rise from our support at 2722 in line with the 38.2% Fibonacci retracement to our 1st resistance at 2984 in line with the 78.6% Fibonacci retracement and horizontal overlap resistance. Alternatively, price may break 1st support and head for 2nd support at 2572 in line with the horizontal swing low support

Trading Recommendation

Entry: 2722

Reason for Entry:

Graphical overlap support and 38.2% Fibonacci projection

Take Profit: 2984

Reason for Take Profit: Graphical overlap resistance and 78.6% Fibonacci projection

Stop Loss: 2572

Reason for Stop Loss: Horizontal swing low support