FX.co ★ ETHUSD Potential For Bullish Rise | 12th January 2023

Looking at the H4 chart, my overall bias for ETHUSD is bullish due to the current price crossing above the Ichimoku cloud, indicating a bullish market. To add support to this bias, price is also broken upwards from an ascending channel. If this bullish momentum continues, expect the price to head towards the 1st resistance at 1546.28, where the 78.6% Fibonacci line is. In an alternative scenario, price could head back down to retest the 1st support at 1347.62, where the previous high is.

Trading Recommendation

Entry: 1347.62

Reason for Entry: Retest 1st support line

Take Profit:1546.28

Reason for Take Profit: 1st resistance line

Stop Loss: 1238.76

Reason for Stop Loss:

2nd resistance line