FX.co ★ ETHUSD Potential For Bullish Rise | 6th September 2022

On the H4, with price breaking out of the descending trendline and moving above the ichimoku indicator, we have a bullish bias that price will rise from 1st support at 1648.93 where the pullback support is to the 1st resistance at 1720.85 where the swing high resistance, 78.6% fibonacci projection and 50% fibonacci retracement are. Alternatively, price could break 1st support and drop to 2nd support at 1618.11 where the pullback support is.

Trading Recommendation

Entry: 1648.93

Reason for Entry:Pullback support

Take Profit: 1720.85

Reason for Take Profit:Swing high resistance, 78.6% fibonacci projection and 50% fibonacci retracement

Stop Loss: 1618.11

Reason for Stop Loss:

Pullback support