Hello everyone, I invite you to review the ETH pair to USDT chart, taking into account the four-hour interval. We will start by identifying with the blue lines the local downtrend channel where the price is approaching the upper limit again.
However, when we turn on the moving averages Ema Cross 10 and 30, we can see the confirmation of the return to the local upward trend.
Now let's move on to marking the support places. We will use the Fib Retracement tool to mark supports, and as you can see, the price has again broken out above the support at $2,028, if we fall lower again we can see a return to the support zone from $1,960 to $1,911.
Looking the other way, we can similarly mark places where the price should encounter resistance on the way up. And here we can see the fight against the resistance level at $2048, only when the price stays above it and leaves the downtrend channel will we see an attack on the resistance zone from $2087 to $2137.
The CHOP index indicates that most of the energy is used, on the RSI indicator we have returned to the upper part of the range with room for growth, but on the STOCH indicator we are moving above the upper limit, which may translate into a price recovery.
However, when we turn on the moving averages Ema Cross 10 and 30, we can see the confirmation of the return to the local upward trend.
Now let's move on to marking the support places. We will use the Fib Retracement tool to mark supports, and as you can see, the price has again broken out above the support at $2,028, if we fall lower again we can see a return to the support zone from $1,960 to $1,911.
Looking the other way, we can similarly mark places where the price should encounter resistance on the way up. And here we can see the fight against the resistance level at $2048, only when the price stays above it and leaves the downtrend channel will we see an attack on the resistance zone from $2087 to $2137.
The CHOP index indicates that most of the energy is used, on the RSI indicator we have returned to the upper part of the range with room for growth, but on the STOCH indicator we are moving above the upper limit, which may translate into a price recovery.