FX.co ★ ETHUSD, Bullish Pressure | 7th April 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 3589 in line with the horizontal swing high resistance and 127.2% Fibonacci extension from our 1st support of 3246 in line with the horizontal overlap support and 38.2% Fibonacci retracement . Alternatively, price may break entry structure and head for our 2nd support at 3019 in line with the 50% Fibonacci retracement and pullback support.

Trading Recommendation

Entry: 3246

Reason for Entry:

Horizontal overlap support and 38.2% Fibonacci retracementTake Profit: 3589

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

Stop Loss: 3019

Reason for Stop Loss:

Horizontal pullback support and 50% Fibonacci retracement