Hello everyone, let's look at the ETH to USDT chart on the 4-hour timeframe. As you can see, the price is holding above the local downtrend line.
Once we unfold the Fib Retracement grid, we can mark the support zone from $1827 to $1780 that the price is based on, then we have strong support at $1712 and then at $1623.
Looking the other way, we will mark the resistances in the same way and here we first have a resistance zone from $1883 to $1945, then resistance at the price of 2033, and another resistance at the price of $2146.
The CHOP index indicates that there is a lot of energy, the RSI shows that downward movements have more power than upward movements, and the STOCH indicator indicates that the energy is quickly exhausted.
Once we unfold the Fib Retracement grid, we can mark the support zone from $1827 to $1780 that the price is based on, then we have strong support at $1712 and then at $1623.
Looking the other way, we will mark the resistances in the same way and here we first have a resistance zone from $1883 to $1945, then resistance at the price of 2033, and another resistance at the price of $2146.
The CHOP index indicates that there is a lot of energy, the RSI shows that downward movements have more power than upward movements, and the STOCH indicator indicates that the energy is quickly exhausted.