Hello, I invite you to review the chart of ETH in pair to USDT, also on a four-hour interval. What immediately catches the eye is the huge similarity of the behavior of ETH to its predecessor, we also have a downtrend leaving the downtrend channel, and the price is currently staying below the local downtrend line
Now let's move on to marking the places of support. We will use the trend based fib extension tool to mark the supports, and as you can see, we first have a strong support zone from $ 1853 to $ 1773, second support at $ 1760, third at $ 1717 and then fourth support at $ 1658.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here as the first we have a resistance zone that the price cannot break through from $ 1909 to $ 1944, the next strong resistance is at $ 2042, and then the third resistance at $ 2204.
Similarly to the chart itself, the indicators also present themselves, and here the CHOP index indicates that the energy is gaining strength. The MACD indicator is on the verge of entering a local downtrend. On the other hand, we see a rebound on the RSI, but we are staying in the middle of the range, which may deepen the correction.
Now let's move on to marking the places of support. We will use the trend based fib extension tool to mark the supports, and as you can see, we first have a strong support zone from $ 1853 to $ 1773, second support at $ 1760, third at $ 1717 and then fourth support at $ 1658.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here as the first we have a resistance zone that the price cannot break through from $ 1909 to $ 1944, the next strong resistance is at $ 2042, and then the third resistance at $ 2204.
Similarly to the chart itself, the indicators also present themselves, and here the CHOP index indicates that the energy is gaining strength. The MACD indicator is on the verge of entering a local downtrend. On the other hand, we see a rebound on the RSI, but we are staying in the middle of the range, which may deepen the correction.