Daily ETH 1DChart - resistance and support
I invite you to review the chart of ETH in pair to USDT, on a one-day interval. First of all, with the help of yellow lines, we can mark the downtrend channel, which the price overcame, while we are currently moving in the uptrend channel, for which we used blue lines.
Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark the support, and as you can see we have a strong support zone from $1673 to $1552 first, but as we go lower we have a support at $1462 and then a third support at $1372.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we have the first very strong resistance at the price of $ 1828, with which the price has been fighting for several days, when it manages to overcome it, the next very strong resistance is at the price of $ 2028.
The CHOP index, similarly to the BTC situation, indicates that we have a lot of energy for the upcoming move. The MACD indicator is on the verge of entering a downtrend. On the other hand, we see a rebound on the RSI after recent increases.
Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark the support, and as you can see we have a strong support zone from $1673 to $1552 first, but as we go lower we have a support at $1462 and then a third support at $1372.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we have the first very strong resistance at the price of $ 1828, with which the price has been fighting for several days, when it manages to overcome it, the next very strong resistance is at the price of $ 2028.
The CHOP index, similarly to the BTC situation, indicates that we have a lot of energy for the upcoming move. The MACD indicator is on the verge of entering a downtrend. On the other hand, we see a rebound on the RSI after recent increases.