ETH - USDT, 1D Interval Resistance and Support
Hello everyone, I invite you to review the chart of ETH in pair to USDT, on a one-day timeframe. First, we will use the yellow line to mark the uptrend line on which the price is currently based.
Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark the supports, and as you can see we have the first support at $1514, the second support at $1448, the third at $1388, and then we can mark the strong support zone from $1298 to $1182.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here in the first place we can mark a strong resistance zone from $ 1589 to $ 1672, only when it is broken we will go towards the last high at $ 1715 and then $ 1846.
The CHOP index indicates that despite the current decline, we still have a lot of energy. The MACD indicator is in a downtrend. On the other hand, we see a further rebound on the RSI, but there is room for a larger correction.
Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark the supports, and as you can see we have the first support at $1514, the second support at $1448, the third at $1388, and then we can mark the strong support zone from $1298 to $1182.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here in the first place we can mark a strong resistance zone from $ 1589 to $ 1672, only when it is broken we will go towards the last high at $ 1715 and then $ 1846.
The CHOP index indicates that despite the current decline, we still have a lot of energy. The MACD indicator is in a downtrend. On the other hand, we see a further rebound on the RSI, but there is room for a larger correction.