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

On the H4,with price expected to bounce off the RSI indicator, we have a bullish bias that price will rise to our 1st resistance at 2762 in line with the horizontal swing high resistance and 78.6% Fibonacci projection from our 1st support of 2507 in line with the horizontal swing low support. Alternatively, price may break 1st support and head for 2nd support at 2372 in line with the horizontal swing low support and 61.8% Fibonacci projection level.

Trading Recommendation

Entry: 2507

Reason for Entry:

Horizontal swing low support

Take Profit: 2762

Reason for Take Profit:Horizontal swing high resistance and 78.6% Fibonacci projection

Stop Loss: 2372

Reason for Stop Loss:

Horizontal swing low support and 61.8% Fibonacci projection