Hello everyone, I invite you to review the ETH pair to USDT chart, also on a one-day time frame. First, we can use the yellow line to mark the upward trend in which the price dropped. We can also mark EMA Cross 200, under which the price is constantly moving, which confirms that it will remain in a downtrend.
Now let's move on to marking the support places. We will use the Fib Retracement tool to mark supports, and here we see that the price has remained in a strong support zone from $1,608 to $1,483, but when we fall below this zone we can see a drop to the support level of $1,304 and further towards a very strong support. at $1,076.
Looking the other way, we can similarly mark places where the price should encounter resistance on the way up. And here we see that the price is struggling to break the resistance level at $1,641, then we have resistance at $1,735, and then we mark a visible resistance zone from $1,813 to $1,889, and then a second very strong zone from $1,999 to $2,140.
The CHOP index indicates that there is a lot of energy for the move, the RSI, despite the increase, has a lot of room for the price to grow, but the STOCH indicator confirms the consumption of energy, which confirms the sideways trend, and what's more, it can give a reaction to the price in order to gain energy.
Now let's move on to marking the support places. We will use the Fib Retracement tool to mark supports, and here we see that the price has remained in a strong support zone from $1,608 to $1,483, but when we fall below this zone we can see a drop to the support level of $1,304 and further towards a very strong support. at $1,076.
Looking the other way, we can similarly mark places where the price should encounter resistance on the way up. And here we see that the price is struggling to break the resistance level at $1,641, then we have resistance at $1,735, and then we mark a visible resistance zone from $1,813 to $1,889, and then a second very strong zone from $1,999 to $2,140.
The CHOP index indicates that there is a lot of energy for the move, the RSI, despite the increase, has a lot of room for the price to grow, but the STOCH indicator confirms the consumption of energy, which confirms the sideways trend, and what's more, it can give a reaction to the price in order to gain energy.