ETH/USDT 1Dinterval Resistance and Support
Hello everyone, I invite you to review the chart of ETH in pair to USDT, also on a one-day interval. Here, however, we will first mark the place of the current price, which remains on the EMA Cross 200 line, after the price dived, it quickly returned to the level of the EMA Cross 200, but for the moment it did not return to the uptrend above the line. Now, using the blue lines, we can mark the downtrend channel in which the price moves similarly to the previously presented BTC.
Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark the supports, and as you can see, we have the first very strong support at $1663, but if the price falls below our golden Fib point, then the second support is at $1529, and then we have the third very strong support at $1364.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we see that the price is fighting with the resistance at $1747, going further you can mark the zone where the price has been moving for a long time from $1820 to $1883, only when it breaks it will move towards the resistance at $1946, then the fourth resistance at $2035 $, and then a fifth resistance at $2145.
The CHOP index indicates that most of the energy has been used. The MACD indicator remains in a downtrend, while the RSI is moving in the lower part of the range, which can give a positive place for the upcoming price increase.
Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark the supports, and as you can see, we have the first very strong support at $1663, but if the price falls below our golden Fib point, then the second support is at $1529, and then we have the third very strong support at $1364.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we see that the price is fighting with the resistance at $1747, going further you can mark the zone where the price has been moving for a long time from $1820 to $1883, only when it breaks it will move towards the resistance at $1946, then the fourth resistance at $2035 $, and then a fifth resistance at $2145.
The CHOP index indicates that most of the energy has been used. The MACD indicator remains in a downtrend, while the RSI is moving in the lower part of the range, which can give a positive place for the upcoming price increase.