Daily ETH 1DChart - resistance and support
Hello everyone, I invite you to review the chart of ETH in pair to USDT, on a one-day timeframe. First of all, with the help of blue and yellow, we can mark the main uptrend line from which the price rebounded. Locally, we will mark the local downtrend line with the blue line.
Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark the support, and as you can see, we have the first very strong support at the price of $ 1331, while when this level does not hold the price, we can see a drop to around $ 1218.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we have the first resistance at $1459, the next resistance at $1513, the third resistance at $1556, and then we have a strong resistance zone from $1601 to $1664.
Please look at the CHOP index indicates that the energy has been used. The MACD indicator is in a downtrend. On the other hand, we see a strong rebound on the RSI, we are currently touching the lower limit, which, similarly to BTC, may indicate the end of the correction.
Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark the support, and as you can see, we have the first very strong support at the price of $ 1331, while when this level does not hold the price, we can see a drop to around $ 1218.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we have the first resistance at $1459, the next resistance at $1513, the third resistance at $1556, and then we have a strong resistance zone from $1601 to $1664.
Please look at the CHOP index indicates that the energy has been used. The MACD indicator is in a downtrend. On the other hand, we see a strong rebound on the RSI, we are currently touching the lower limit, which, similarly to BTC, may indicate the end of the correction.