Hello everyone, let's take a look at the ETH to USDT chart over the 4 hour timeframe. As you can see, the price is moving in the sideways channel and locally above the downtrend line.
Let's start with the designation of the support line and as you can see the first support in the near future is $ 1280, if the support breaks down, the next support is $ 1263 and $ 1214.
Now let's move from the resistance line as you can see the first resistance is $ 1299, if you can break it the next resistance will be $ 1309, $ 1318 and $ 1332.
Looking at the CHOP indicator, we can see that there is a lot of energy in the 4-hour interval, and the MACD indicator shows a local downward trend.
To be honest, now I do not agree with your expectations, but not because of technical analysis (just the same to it I have no questions), but the current situation in the market itself makes me think otherwise. Do you take into account the state of the macroeconomy when formulating your ideas?