FX.co ★ ETHUSD Potential For Bullish Momentum | 28th October 2022

Looking at the H4 chart, the current overall bias for ETHUSD is bullish. Overnight, the price had bearish momentum downwards towards the 1st support at 1488.77 where the 78.5% and 50% Fibonacci lines are located. However, if the bullish momentum continues, expect the price to continue heading towards the 1st resistance at 1651.44 where the 78.6% and 38.2% Fibonacci lines are located.

Trading Recommendation

Entry: 1488.77

Reason for Entry: Buy entry where the 1st support and 50% Fibonacci lines are located.

Take Profit: 1651.44

Reason for Take Profit: Next resistance area and where the 78.6% and 38.2% Fibonacci lines are located.

Stop Loss: 1405.86

Reason for Stop Loss:

Where the 2nd support is and slightly below where the previous swing low was