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05.10.2022 02:29 PM
ETHUSD Potential For Bullish Momentum | 5th October 2022

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On the H4, the price of ETHUSD is currently pretty negative overall. Price has recently closed above the Ichimoku cloud, pointing to a potential reversal in the short-term trend. From the first support level at 1279.66, which is the 138.2% Fibonacci extension line, ETHUSD continued to rise overnight. At 1420.74, the initial resistance line, we expect a price reversal to the 100% Fibonacci and 38.2% Fibonacci lines.

Trading Recommendation

Entry: 1329.18

Reason for Entry: 38.2% Fibonacci retracement

Take Profit: 1420.74

Reason for Take Profit: 100% Fibonacci extension line and previous swing low

Stop Loss: 1220.00

Reason for Stop Loss:The most recent low

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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