FX.co ★ ETHUSD Potential For Bullish Momentum | 7th October 2022

On the H4 chart, ETHUSD is bearish. Price has closed above the Ichimoku cloud, signaling a bullish market in the immediate term. Overnight, the price has continued to rise in a bullish trend. Price is projected to continue rising until the first resistance level at 1420.74, which corresponds to the last swing low.

Trading Recommendation

Entry: 1420.74

Reason for Entry: The 38.2% Fibonacci retracement line, the 100% Fibonacci line, and the previous swing low have all intersected.

Take Profit: 1193.06

Reason for Take Profit: 161.8% Fibonacci extension line

Stop Loss: 1520.00

Reason for Stop Loss:

Slightly above the 50% Fibonacci retracement line