FX.co ★ Fractal analysis of Ethereum on October 8th

For the #Ethereum instrument, the key levels on the H1 scale are 202.53, 196.92, 193.02, 185.49, 178.09, 174.06, 171.77, and 166.66. We follow the formation of the initial conditions for the upward cycle of October 6. The continuation of the upward movement is expected after the breakdown of 185.50. In this case, the target is 193.02 and in the area of 193.02 – 196.92 is the consolidation. We consider the level of 202.53 to be a potential value for a possible hold on a purchase transaction, upon reaching which we expect consolidation, as well as a rollback to the bottom.

We expect to go into the corrective movement after the breakdown of 178.09. The target is 174.06 and there is a high probability of a reversal to the top from the range of 178.09 – 174.06 and there is a good opportunity to enter the market for purchase. The range of 174.06 – 171.77 is the key support for the top. Its passage by the price will lead to the development of a downward structure. In this case, the first potential target – 166.66.

The main trend – the local initial conditions for the top of October 6th.

Trading recommendations:

Buy: 186.00 Stop Loss: 178.00 Take Profit: 193.00 or 202.00

Buy: Stop Loss: Take Profit:

Sell: 171.70 Stop Loss: 180.00 Take Profit: 166.00

Sell: Stop Loss: Take Profit: