Daily ETH 4HChart - resistance and support
Hello everyone, I invite you to review the chart of ETH in pair to USDT, on a four-hour interval. First, we will use the yellow line to mark the downtrend line from which the price went up. At this point, it is worth checking how the EMA Cross 200 is going and as we can see, the EMA Cross 200 kept the price in an uptrend.
Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark the support, and here we can mark the support zone from $1883 to $1856, the lower border of which is just at the EMA cross 200. Then we can mark the second strong support zone from 0.618 fib to 0.786 fib, which gives us a range priced from $1810 to $1780.
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 very strong resistance at the price of $ 1941, going further we have a strong resistance at the price of $ 1987 and then the price will move in the direction of the resistance at $ 2055
The CHOP index indicates that we have a lot of energy for the upcoming move. The MACD indicator indicates a transition to a local uptrend. On the other hand, on the RSI we see an increase to the upper part of the range, but there is still some room left for the price to go a little higher in the coming hours.
Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark the support, and here we can mark the support zone from $1883 to $1856, the lower border of which is just at the EMA cross 200. Then we can mark the second strong support zone from 0.618 fib to 0.786 fib, which gives us a range priced from $1810 to $1780.
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 very strong resistance at the price of $ 1941, going further we have a strong resistance at the price of $ 1987 and then the price will move in the direction of the resistance at $ 2055
The CHOP index indicates that we have a lot of energy for the upcoming move. The MACD indicator indicates a transition to a local uptrend. On the other hand, on the RSI we see an increase to the upper part of the range, but there is still some room left for the price to go a little higher in the coming hours.