I invite you to review the chart of ETH in pair with USDT, also on a one-hour time frame. Here we have a visible movement along the local lateral trend line, which we mark with the yellow line, what's more, we can see that we are currently approaching touching the previously mentioned trend line for the third time. When we turn on Ema Cross 10 and 30, we can see that the red ema cross 10 line crosses the green ema cross 30 line from above, which indicates a transition into a local downtrend, we should watch whether the upward trend line will maintain the price.
Now let's move on to marking the support places. We will use the Trend Based Fib Extension tool to mark supports, and here we see that the price has returned to the support zone from $1,800 to $1,782, leaving this zone at the bottom may result in a drop to the area of the second zone from $1,753 to $1,732, which protects us from a larger price drop.
Looking the other way, we can similarly mark places where the price should encounter resistance on the way up. And here we have the first very strong resistance in the zone from $1,833 to $1,848, and then visible resistance at $1,867.
The CHOP Index indicates that there is still some energy left to move. The RSI indicator returned to the lower part of the range, but when we look at the STOCH indicator we can see that we have approached the lower limit, which ended the current decline and may allow for another attempt at price recovery in the coming hours.
Now let's move on to marking the support places. We will use the Trend Based Fib Extension tool to mark supports, and here we see that the price has returned to the support zone from $1,800 to $1,782, leaving this zone at the bottom may result in a drop to the area of the second zone from $1,753 to $1,732, which protects us from a larger price drop.
Looking the other way, we can similarly mark places where the price should encounter resistance on the way up. And here we have the first very strong resistance in the zone from $1,833 to $1,848, and then visible resistance at $1,867.
The CHOP Index indicates that there is still some energy left to move. The RSI indicator returned to the lower part of the range, but when we look at the STOCH indicator we can see that we have approached the lower limit, which ended the current decline and may allow for another attempt at price recovery in the coming hours.