Hello everyone, let's take a look at the ETH to USDT chart on a one hour time frame. As you can see, the price has moved higher from the local downtrend line.
In order to determine the resistance, we will unfold the Fib Retracement grid and we can see that the price has reached a very strong resistance zone from $2101 to $2133, which has temporarily rejected the increase.
Looking the other way, we have visible support at the level of $2,063, and then we have a strong support zone from $2,012 to $1,986.
The RSI indicator, similarly to the STOCH indicator, shows that the upper limit has been exceeded, which has slowed down the growth and may result in a price recovery.
In order to determine the resistance, we will unfold the Fib Retracement grid and we can see that the price has reached a very strong resistance zone from $2101 to $2133, which has temporarily rejected the increase.
Looking the other way, we have visible support at the level of $2,063, and then we have a strong support zone from $2,012 to $1,986.
The RSI indicator, similarly to the STOCH indicator, shows that the upper limit has been exceeded, which has slowed down the growth and may result in a price recovery.