Hello everyone, I invite you to review the ETH pair to USDT chart, also on a one-day time frame. First of all, we can use the blue lines to mark the downward trend channel in which the price has been moving for a long time, while locally, using the yellow line we can mark the downward trend lines from which the price has gone up, but here you can see that after crossing the blue line EMA Cross 200 the price was quickly withdrawn, which confirms the continued downward trend.
Now let's move on to marking the support places. We will use the Fib Retracement tool to mark supports, and as you can see, the price has left the strong support zone from $1,664 to $1,535, only when it falls below this zone can we see a drop to the support level of $1,369.
Looking the other way, we can similarly mark places where the price should encounter resistance on the way up. And here we can see the price retreating before the resistance level at $1,765, then we have a visible resistance zone from $1,838 to $1,910, only after breaking upwards from this zone should the price attempt to attack the levels of $2,013 and then the level of $2,143.
The CHOP Index indicates that most of the energy has been used. The STOCH indicator shows that the upper limit has been exceeded, which has exhausted the energy and resulted in a price recovery, while the RSI indicator, despite the increase, still shows room for the price to go higher, which indicates that when the energy regains, we may see another upward movement.
Now let's move on to marking the support places. We will use the Fib Retracement tool to mark supports, and as you can see, the price has left the strong support zone from $1,664 to $1,535, only when it falls below this zone can we see a drop to the support level of $1,369.
Looking the other way, we can similarly mark places where the price should encounter resistance on the way up. And here we can see the price retreating before the resistance level at $1,765, then we have a visible resistance zone from $1,838 to $1,910, only after breaking upwards from this zone should the price attempt to attack the levels of $2,013 and then the level of $2,143.
The CHOP Index indicates that most of the energy has been used. The STOCH indicator shows that the upper limit has been exceeded, which has exhausted the energy and resulted in a price recovery, while the RSI indicator, despite the increase, still shows room for the price to go higher, which indicates that when the energy regains, we may see another upward movement.