ETH/USDT 1D chart review๐ Technical analysis
1. Trend
โข You can see a clear growth trend line (orange). The price consistently reflected from her, which means that the buyers defend this level.
โข Currently, the price is above trendline, which is a bull signal.
2. Support and resistance
โข Support:
โข $ 4,429
โข USDT $ 4,556
โข resistance:
โข $ 4.687 USDT (current price fight - this is where the market is testing)
โข USD 4,793 (strong resistance)
โข USD 4,954 (key psychological resistance - nearly 5K)
3. Candles
โข We have a long green up move - the momentum is strong.
โข The last candles show a little indecisive at 4.687 (upper shadows), i.e. possible consolidation or back.
4. STOCHASTIC RSI (oscillator at the bottom of the chart)
โข enters the purchase zone (> 80).
โข This often heralds correction, but in strong trends the indicator can last long.
โธป
๐ Scenarios
โข bull (continuation of growth):
If ETH stays above 4.687 and pierces 4.793, the next goal is 4.954 (and then psychological 5,000).
โข Bear (correction):
Rejection 4.687 and descent below 4.556 can open the way to the Trendline test around 4.430.
Puncting the trend down is a reversal signal and a possible drop towards 4.200.
โธป
๐ Summary
โข Main trend: upward.
โข Momentum: Strong, but the indicators show buying.
โข Strategy:
โข Careful entrances with support (4.556 / 4.430).
โข confirmed breaking 4.793 = strong signal for further increases.
โข Stop loss below Trendline (~ 4,400), because it will negate the current script of the bull
