FX.co ★ ETHUSD, Bullish Pressure | 14th April 2022

On the H4, we see the price is on bullish pressure. Price can potentially rise from 1st support level of 3103 in line with the horizontal pullback support 23.6% Fibonacci retracement towards the 1st resistance level of 3141 in line with swing high resistance. Our bullish bias is supported by how price is moving above the Ichimoku cloud. Alternatively, price may break 1st support structure and head for our 2nd support level of 3083 which is a graphical pullback support and 38.2% Fibonacci retracement.

Trading Recommendation

Entry: 3103

Reason for Entry:

Horizontal pullback support 23.6% Fibonacci retracementTake Profit: 3141

Reason for Take Profit: Horizontal swing high resistanceStop Loss: 3083

Reason for Stop Loss:

Horizontal graphical pullback support and 38.2% Fibonacci retracement