Now let's move on to the ETH chart, but this time we will check what the situation looks like considering the one-day interval. Let's start by marking with a yellow line, the uptrend line that the price has broken below.
Let's move on to identifying the places of support for the ETH price, if the correction is deepened. As we can see with the Trend Based Fib Extension tool, the first support in the current situation is at $1507, the second support is at $1401 and the third support is at $1294.
At this point, it is also worth paying attention to the EMA Cross 10 and 30, as we can see the EMA Cross 10 crossed the green EMA Cross 30 lines from above, which confirmed the entry into the local downtrend.
Now we can move on to checking the resistances that ETH will have to face in order for the price to continue to grow. As with support, we will use the Trend Based Fib Extension tool and here we have the first resistance at the price of $ 1561, which rejects the price, then we can mark the resistance zone from $ 1607 to $ 1659, when the zone is broken and positively tested, we will be able to go towards resistance at $1697 and then $1804.
Going further, it is worth looking at the volume where we see a significant predominance of red candles, which indicates greater power on the part of the sellers.
The CHOP index indicates depleted energy, the MACD indicates a local downtrend, while the RSI shows a strong rebound, we are currently moving at the lower limit, which may indicate a temporary sideways trend or a temporary price increase.
Let's move on to identifying the places of support for the ETH price, if the correction is deepened. As we can see with the Trend Based Fib Extension tool, the first support in the current situation is at $1507, the second support is at $1401 and the third support is at $1294.
At this point, it is also worth paying attention to the EMA Cross 10 and 30, as we can see the EMA Cross 10 crossed the green EMA Cross 30 lines from above, which confirmed the entry into the local downtrend.
Now we can move on to checking the resistances that ETH will have to face in order for the price to continue to grow. As with support, we will use the Trend Based Fib Extension tool and here we have the first resistance at the price of $ 1561, which rejects the price, then we can mark the resistance zone from $ 1607 to $ 1659, when the zone is broken and positively tested, we will be able to go towards resistance at $1697 and then $1804.
Going further, it is worth looking at the volume where we see a significant predominance of red candles, which indicates greater power on the part of the sellers.
The CHOP index indicates depleted energy, the MACD indicates a local downtrend, while the RSI shows a strong rebound, we are currently moving at the lower limit, which may indicate a temporary sideways trend or a temporary price increase.