FX.co ★ ETHUSD, Bullish Pressure | 29th March 2022

On the H4, with price expected to reverse off the stochastics level, we have a bias that price will drop from 1st resistance at 3414 in line with the horizontal swing high resistance, 100% Fibonacci projection and 161.8% Fibonacci extension to 1st support at 3187 in line with the pullback support and 23.6% Fibonacci retracement. Alternatively, price may break 1st resistance and head for 2nd resistance at 3589 in line with the horizontal pullback resistance and 127.2% Fibonacci extension.

Trading Recommendation

Entry: 3414

Reason for Entry:

Horizontal swing high resistance, 100% Fibonacci projection and 161.8% Fibonacci extension

Take Profit: 3187

Reason for Take Profit:Horizontal pullback support and 23.6% Fibonacci retracement

Stop Loss: 3589

Reason for Stop Loss: Horizontal pullback resistance and 127.2% Fibonacci extension