FX.co ★ Trading plan for Ethereum on October 12, 2022

Technical outlook:

Ethereum has been drifting sideways since printing the $1,220 lows on September 21, 2022, as seen on the 4H chart here. The 100-point trading range between $1,270-80 and $1,380 should be taken out for a breakout to be confirmed. The crypto is seen to be trading close to $1,300 at this point in writing as the bulls prepare to push towards the upper border close to $1,380.

Ethereum has dropped in a bearish cycle between $2,031 and $1,220 as seen on the chart here. Immediate price resistance is seen in the $1,790-1,800 area followed by $2,031, while support comes in around $1,220 levels respectively. With the overall downtrend, prices could retrace at least towards $1,580 before turning again.

Ethereum is working on its current downswing between $1,790-1,800 and $1,220 levels as projected here. The Fibonacci 0.618 retracement is seen passing through $1,580, which is a highly probable resistance zone. A break above $1,380 will push prices through $1,580 before reversing lower again towards $1,000 and further.

Trading idea:

Potential short-term rally towards $1,580 at least against $1,050

Good luck!