ETH/USDT 1HInterval Review Chart
Hello everyone, I invite you to review the ETH chart on an hourly interval. First, we will mark with yellow lines a local triangle in which the price is at the upper limit for the third time. In this arrangement, we can see an exemplary price movement in which the fourth time we will see an upward exit from the triangle.
After unfolding the fib retracement tool, we can mark a strong support zone above which the price is currently holding, however, when we fall below this zone, we can see a drop around the next support at $ 1808.
Looking the other way, we can similarly determine the places of resistance that the price has to face. And here we see that the price has to break through the support zone from $1844 to $1852 first, then it can move towards the resistance at $1864 and then continue to the resistance at $1879.
The CHOP index indicates that there is a lot of energy to be used, on the RSI we can see that a small increase in price gives a large increase on the indicator, which creates room for another decrease. The STOCH indicator is also approaching the upper limit, which may affect the trend reversal and the transition to a downward trend.
After unfolding the fib retracement tool, we can mark a strong support zone above which the price is currently holding, however, when we fall below this zone, we can see a drop around the next support at $ 1808.
Looking the other way, we can similarly determine the places of resistance that the price has to face. And here we see that the price has to break through the support zone from $1844 to $1852 first, then it can move towards the resistance at $1864 and then continue to the resistance at $1879.
The CHOP index indicates that there is a lot of energy to be used, on the RSI we can see that a small increase in price gives a large increase on the indicator, which creates room for another decrease. The STOCH indicator is also approaching the upper limit, which may affect the trend reversal and the transition to a downward trend.