FX.co ★ ETHUSD Potential For Bullish Momentum | 5th October 2022

On the H4, the price of ETHUSD is currently pretty negative overall. Price has recently closed above the Ichimoku cloud, pointing to a potential reversal in the short-term trend. From the first support level at 1279.66, which is the 138.2% Fibonacci extension line, ETHUSD continued to rise overnight. At 1420.74, the initial resistance line, we expect a price reversal to the 100% Fibonacci and 38.2% Fibonacci lines.

Trading Recommendation

Entry: 1329.18

Reason for Entry: 38.2% Fibonacci retracement

Take Profit: 1420.74

Reason for Take Profit: 100% Fibonacci extension line and previous swing low

Stop Loss: 1220.00

Reason for Stop Loss:The most recent low