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02.09.2022 12:11 PM
ETHUSD Potential For Bullish Rise | 2nd September 2022

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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 1559.82 where the overlap support is to the 1st resistance at 1725.44 where the swing high resistance and 50% fibonacci retracement are. Alternatively, price could break 1st support and drop to 2nd support at 1419.94 where the swing low support, 61.8% fibonacci projection and 161.8% fibonacci extension are.

Trading Recommendation

Entry: 1559.82

Reason for Entry:Overlap support

Take Profit: 1725.44

Reason for Take Profit:Swing high resistance and 50% fibonacci retracementStop Loss: 1419.94

Reason for Stop Loss:

Swing low support, 61.8% fibonacci projection and 161.8% fibonacci extension

Dean Leo,
Analytical expert of InstaForex
© 2007-2026
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