FX.co ★ ETHUSD Potential For Bullish Momentum | 21st September 2022

On the H4, price has pushed through the 1st Resistance at 1420.81 where the previous swing low sat. Price has also pushed through the 1st support at 1356.35 where the 127.2% Fibonacci extension lies and reflected off the second support at 1281.37 where the 138.2% Fibonacci Extension lies. Price could possibly head back down below the second support and head lower or head back up towards the first resistance.

Trading Recommendation

Entry: 1322.53

Reason for Entry: Price has came back down to the 61.8% Fibonacci retracement

Take Profit: 1420.81

Reason for Take Profit: Previous swing low area and 100% projection

Stop Loss: 1279

Reason for Stop Loss:Previous swing low