FX.co ★ ETHUSD, Bullish Pressure | 17th March 2022

On the H4, with price moving above the Ichimoku cloud and the recent break of our pivot of 2655 where the 61.8% Fibonacci retracement and horizontal pullback support is, we have a bullish bias that price will rise to our 1st resistance at 2820 in line with the horizontal pullback resistance and 100% Fibonacci projection level from our pivot. Alternatively, price may break pivot structure and head for 2nd support at 2513 in line with the horizontal swing low support.

Trading Recommendation

Entry: 2655

Reason for Entry:

Horizontal pullback support and 61.8% Fibonacci retracement

Take Profit: 2820

Reason for Take Profit:Horizontal pullback resistance and 100% Fibonacci projection

Stop Loss: 2513

Reason for Stop Loss: Horizontal swing low support