FX.co ★ ETHUSD Potential For Bullish Momentum | 25th 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. With price currently above the ichimoku cloud, we might have a change to short term bullish momentum with price potentially heading towards the 1st resistance at 1405.86.

Trading Recommendation

Entry: 1345.17

Reason for Entry: Immediate buy entry now with price breaking above the short term previous high where the 23.6% Fibonacci line is located.

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.