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 downtrend channel.
Let's start with the designation of the support line and as you can see the first support in the near future is $ 1275, if the support breaks down, the next support is $ 1267 and $ 1242.
Now let's move from the resistance line as you can see the first resistance is $ 1283, if you can break it the next resistance will be $ 1294 and $ 1302.
Looking at the CHOP indicator, we can see that there is a lot of energy in the 4-hour interval, and the MACD indicator is close to pointing to a downtrend.