FX.co ★ ETHUSD Potential For Bullish Momentum | 20th October 2022

The current overall bias for ETHUSD is bearish, according to the H4 chart. Price has been consolidating for the past month between the first resistance at 1405.86 and the first support at 1405.86. Price is expected to consolidate in this area for the foreseeable future, with no apparent signals of direction.

Trading Recommendation

Entry: 1345.17

Reason for Entry:

After price has bounced off 1267.20, where the 38.2% and 50% Fibonacci lines cross, place a buy stop above the 1344 level, where the 0% Fibonacci line sits.

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.