FX.co ★ ETHUSD Potential For Bullish Momentum | 8th November 2022

Looking at the H4 chart, the current overall bias for ETHUSD is bullish, with price currently within the green Ichimoku cloud. Overnight, price continued to consolidate along the 1st support line at 1561.62, where 2 of the 61.8% Fibonacci lines are located. The price is currently trading at 1570.63 at the time of writing. If this bullish momentum continues, expect the price to head towards the 1st resistance line at 1666.53, where the 78.6% and 38.2% Fibonacci lines are located. In an alternative scenario, price could break the 1st support line and head towards the 2nd support line at 1411.43, where the 38.2% and 100% Fibonacci lines are located.

Trading Recommendation

Entry: 1561.62

Reason for Entry: 1st support level

Take Profit: 1411.43

Reason for Take Profit: 2nd Support line the where the previous low and where the 100% and 38.2% Fibonacci lines are located

Stop Loss: 1685.00

Reason for Stop Loss:

Slightly above where the previous high was located