"Jack's Trading Classroom: ETHUSD Next Bullish Target and Trading Strategy"

On October 10 and 12, 2020, we published two Ethereum long operation strategies, "ETHUSD Long Operation Strategy" and "ETHUSD Further Discussion on Ethereum Long Sentiment." At that time, we mentioned that the long target range could be seen at "392.75-394.50," which has since been successfully closed for profit.

On October 10 and 12, 2020, we published two articles on Ethereum's bullish strategies, "Bullish Strategy for ETHUSD" and "Further Discussion on Ethereum Bullish Sentiment." At that time, we mentioned a bullish target range of "392.75-394.50," which has since been profitably closed.

Today, we continue to look at the four-hour candlestick chart of Ethereum. After reaching a high of 395.40 on October 13, 2020, following our publication, Ethereum retraced to around 364.15 near the Fibonacci 50 level and continued to strengthen. It has now broken the previous high of 395.40 and reached the 127.2-138.2 range of 412.40-419.25, which serves as a significant resistance zone.

There is still a bullish target at the Fibonacci 150 level of 426.65 with upper resistance at 426.60. As we are currently near the resistance zone, it may not be an optimal time to enter long positions. It is advisable to wait for Ethereum to retrace to the support level of 391.50-395.40 and look for bottom patterns on smaller timeframes to enter long positions with better risk control and avoid chasing the market blindly.

Upper resistance levels
R1 429.60
Support levels
S1 391.50
S2 385.40
S3 368.65
S4 352.50
S5 348.90
S6 337.55

Recently, the cryptocurrency market has experienced significant volatility. It is recommended that traders strictly adhere to risk management practices and avoid high leverage and high contract volumes to prevent additional losses due to market fluctuations. This article reflects personal opinions, and readers should exercise caution when considering it. Cryptocurrency trading may pose risks to your capital.

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