Analysis Cryptos Support & Resistance

ETHUSD Potential For Bullish Rise | 12th January 2023

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Looking at the H4 chart, I believe that the current price of ETHUSD is bullish due to the Ichimoku cloud crossing above the price, indicating a bullish market. Furthermore, the price has broken upwards from an ascending channel. If this bullish momentum continues, the price is anticipated to head towards the first resistance at 1546.28, where the 78.6% Fibonacci line is. On the other hand, if the price retraces to test the first support at 1347.62, the previous high, there is a chance that it could head downward.

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