FX.co ★ ETHUSD, Bullish Pressure | 18th March 2022

On the H4, with price moving above the ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 3030 in line with the horizontal swing high resistance and 161.8% Fibonacci projection level from our 1st support of 2762 in line with the horizontal pullback support and 23.6% Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 2666 in line with the horizontal pullback support and 50% Fibonacci retracement

Trading Recommendation

Entry: 2762

Reason for Entry:

Horizontal pullback support and 23.6% Fibonacci retracement

Take Profit: 3030

Reason for Take Profit: Horizontal swing high resistance and 161.8% Fibonacci projection

Stop Loss: 2666

Reason for Stop Loss: Horizontal pullback support and 50% Fibonacci retracement