empty
31.10.2022 07:12 AM
ETHUSD Potential For Bullish Momentum | 31st October 2022

This image is no longer relevant

Looking at the H4 chart, the current overall bias for ETHUSD is bullish. To add confluence to this, the price is above the Ichimoku cloud which indicates a bullish market. Over the last week, price had bullish momentum upwards with the price currently trading above the 1st support level at 1561.62 where 2 of the 61.8% Fibonacci lines are located. If this bullish momentum continues, expect the price to head towards the 1st resistance at 1792.55 where the previous swing high and 100% Fibonacci line is located.

Trading Recommendation

Entry: 1561.62

Reason for Entry: Buy entry where 2 of the 61.8% Fibonacci lines are located.

Take Profit: 1792.55

Reason for Take Profit: Previous high and where the 100% Fibonacci line is located

Stop Loss: 1400.00

Reason for Stop Loss:

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

Dean Leo,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

EUR/USD Forecast for March 10, 2025

February's U.S. employment data, released on Friday, was disappointing. Non-farm payrolls were close to expectations (151,000 versus 159,000), but other indicators showed significant deterioration. The labor force participation rate dropped

Laurie Bailey 03:31 2025-03-10 UTC+2

GBP/USD Forecast for March 10, 2025

This morning, the pound is maintaining a steady, albeit moderate, rise from Friday's levels. The next target is 60 pips away at 1.3001, and if it consolidates above this level

Laurie Bailey 03:31 2025-03-10 UTC+2

USD/JPY Forecast for March 10, 2025

On Friday, the yen reached the descending green price channel line, which it had been approaching for the past two months. Although there are some weak indications of a potential

Laurie Bailey 03:31 2025-03-10 UTC+2

NDX – Weekly Results and Prospects

March is developing a corrective bearish decline. Over the past trading week, two key levels—19901 and 19730—were tested, which correspond to the final level of the weekly Ichimoku cross

Evangelos Poulakis 23:47 2025-03-09 UTC+2

SPX – Weekly Results and Prospects

February's uncertainty has transitioned into a bearish correction in early March. Sellers are currently trying to break through the weekly golden cross at 5689.3 and test the monthly short-term trend

Evangelos Poulakis 23:43 2025-03-09 UTC+2

Trading Signals for GOLD (XAU/USD) for March 7-10, 2025: buy above $2,910 (21 SMA - 7/8 Murray)

Our trading plan for the next few hours is to wait for the data to be released and, based on this, make a decision. In case gold drops below 2,913

Dimitrios Zappas 13:57 2025-03-07 UTC+2

Trading Signals for BITCOIN (BTC/USD) for March 7-10, 2025: sell below $93,000 (21 SMA - 200 EMA)

On Thursday, Bitcoin gained almost 10% in a few hours due to President Donald Trump's announcement about Bitcoin's strategic crypto reserve. This favored the BTC price, however Bitcoin could

Dimitrios Zappas 13:44 2025-03-07 UTC+2

Trading Signals for EUR/USD for March 7-10, 2025: sell below 1.0871 (+1/8 Murray - 21 SMA)

The eagle indicator has reached the extremely overbought zone of around 95 points. Therefore, there will be a fall towards the 21 SMA located at 1.0707 in the next

Dimitrios Zappas 13:42 2025-03-07 UTC+2

Forecast for EUR/USD on March 7, 2025

On Thursday, EUR/USD continued its upward movement, reaching the 200.0% Fibonacci retracement level at 1.0857. A rebound from this level favored a return to the support zone of 1.0781–1.0797

Samir Klishi 13:18 2025-03-07 UTC+2

GBP/USD – March 7th: The Pound Continues to Follow the Euro

On the hourly chart, GBP/USD continued its upward movement on Thursday, but by the end of the day, it failed to close above Wednesday's level. However, no pullback or correction

Samir Klishi 13:04 2025-03-07 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.