Yesterday on Tuesday, the ETH/USD pair had exhibited slight bullish momentum on the 4-hour timeframe, which leads Ethereum prices to soar over 200 resistance levels. With this, the ETH/USD pair has crossed over 50 periods EMA and has also closed three white soldiers pattern on an 8-hour timeframe, which suggests odds of the bullish trend.
The support level stays around 205, which is extended by the 50 periods EMA on the 4-hour timeframe. While the MACD is also showing a bullish crossover as it has started concluding histograms above 0, demonstrating bullish bias in ETH/USD.
For now, the ETH/USD has the potential to target the next resistance around 220 and 224. However, on the way, it may also meet an immediate hurdle around the 211 level. Therefore, the idea will be to place a buy stop above 177.16 with a stop loss below 165.16 and take profit at 192.16.
Trading Plan Summary
Buy Stop: 210.78
Protective Stop: 203.28
Profit Target: 222.78
Risk/Reward Ratio: 1.60