FX.co ★ ETHUSD, Bullish Pressure | 25th 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 3197 in line with the horizontal swing high resistance and 127.2% Fibonacci extension level from our 1st support of 3042 in line with the horizontal pullback support. Alternatively, price may break 1st support structure and head for 2nd support at 2938 in line with the horizontal swing low support.

Trading Recommendation

Entry: 3042

Reason for Entry:

Horizontal pullback support

Take Profit: 3197

Reason for Take Profit:Horizontal swing high resistance and 127.2% Fibonacci extension

Stop Loss: 2938

Reason for Stop Loss: Horizontal swing low support