FX.co ★ ETHUSD Potential For Bullish Momentum | 18th October 2022

The current overall bias for ETHUSD is bearish, according to the H4 chart. However, price closed above the Ichimoku cloud overnight, indicating a short-term bullish momentum. Price is expected to move towards the first resistance level at 1405.86, which contains the 100% Fibonacci line and the previous swing low.

Trading Recommendation

Entry: 1330.00

Reason for Entry:

Immediate buy entry after price bounced off 1267.20 where the 38.2% and 50% Fibonacci line are intersecting there

Take Profit: 1489.89

Reason for Take Profit:

Resistance where the 78.6% and 50% Fibonacci line are intersecting there

Stop Loss: 1190

Reason for Stop Loss:

Previous low and where the 0% Fibonacci and 100% Fibonacci line are.