Hello everyone, let's look at the ETH to USDT chart on the 4-hour timeframe. As you can see, the price is moving in the channel marked with yellow lines.
Let's start with the support line and as you can see the first support in the near future is $1576, if the support is broken then the next support is $1557, $1542 and $1527.
Now let's go to the resistance line, as you can see the first resistance is $1607 where the price turned around, the next resistance will be $1623, $1647 and $1678.
Looking at the CHOP indicator, we see that energy has been used for the recent move, the MACD indicates a local downtrend, while on the rsi we see a rebound after a rebound.
Let's start with the support line and as you can see the first support in the near future is $1576, if the support is broken then the next support is $1557, $1542 and $1527.
Now let's go to the resistance line, as you can see the first resistance is $1607 where the price turned around, the next resistance will be $1623, $1647 and $1678.
Looking at the CHOP indicator, we see that energy has been used for the recent move, the MACD indicates a local downtrend, while on the rsi we see a rebound after a rebound.