FX.co ★ ETHUSD, Bullish Pressure | 30th 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 3473 in line with the horizontal swing high resistance to 1st support at 3266 in line with the pullback support and 38.2% 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: 3473

Reason for Entry:

Horizontal swing high resistance

Take Profit: 3266

Reason for Take Profit:

Horizontal pullback support and 38.2% Fibonacci retracement

Stop Loss: 3589

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