Hello everyone, let's take a look at the ETH to USDT chart on a 4-hour time frame. As you can see, the price is moving above the local downtrend line.
When we unfold the trend based fib extension grid, we see that the price is held by the support at $2,040, while we still have a support zone from $2,008 to $1,985.
Looking the other way, you can see that the price is declining through the resistance zone from $2,078 to $2,102, and then we can define the second zone from $2,141 to $2,168.
Looking at the CHOP indicator, we see that there is still energy to make a move, on the RSI indicator we are moving in the upper part of the range, while the STOCH indicator is moving at the upper limit, which may result in a greater price recovery.
When we unfold the trend based fib extension grid, we see that the price is held by the support at $2,040, while we still have a support zone from $2,008 to $1,985.
Looking the other way, you can see that the price is declining through the resistance zone from $2,078 to $2,102, and then we can define the second zone from $2,141 to $2,168.
Looking at the CHOP indicator, we see that there is still energy to make a move, on the RSI indicator we are moving in the upper part of the range, while the STOCH indicator is moving at the upper limit, which may result in a greater price recovery.