FX.co ★ ETHUSD Potential For Bearish Momentum | 13th October 2022

Looking at the H4 chart, the current overall bias for ETHUSD is bearish. To add confluence to this bias, the price is currently under the Ichimoku cloud which indicates a bearish market. Overnight, the price has continued it's bearish momentum downwards. Price has been consolidating between the 1403 and 1220 area for the past 3 weeks. If the bearish momentum continues, expect price to possibly head towards the 1st support line at 1220.00, where the 0% Fibonaaci line is located.

Trading Recommendation

Entry: 1340

Reason for Entry: 61.8% Fibonacci line

Take Profit: 1220.00

Reason for Take Profit: 0% Fibonacci line and previous low are located there.

Stop Loss: 1384.41

Reason for Stop Loss:

Slightly above the 23.6% Fibonacci line and where the 100% Fibonacci line are located