Hello everyone, I invite you to review the chart of ETH in pair with USDT, on a four-hour interval. First of all, we can use the blue lines to mark the upward trend channel from which we could observe a breakout at the bottom, after which the price struggles to maintain the level.
Now let's move on to marking the support places. We will use the Fib Retracement tool to mark the supports, and as you can see, the price has dynamically returned and remains in the support zone from $2,243 to $2,191, then there is support which stopped the price drop around $2,120, but if the price breaks out of it, we can see a return in around strong support at $1918.
Looking the other way, we can similarly mark places where the price should encounter resistance on the way up. And here again the resistance level is $2,302, then there is a strong resistance zone from $2,365 to $2,445, which stops the move to around $2,674.
When we turn on EMA Cross 10 and 30, we can see confirmation of a potential downward trend.
The RSI indicator shows a strong recovery, a return to the place where the price rebounded previously, but with room for the price to go lower, while the STOCH indicator also shows a strong recovery with visible room for another decline.
Now let's move on to marking the support places. We will use the Fib Retracement tool to mark the supports, and as you can see, the price has dynamically returned and remains in the support zone from $2,243 to $2,191, then there is support which stopped the price drop around $2,120, but if the price breaks out of it, we can see a return in around strong support at $1918.
Looking the other way, we can similarly mark places where the price should encounter resistance on the way up. And here again the resistance level is $2,302, then there is a strong resistance zone from $2,365 to $2,445, which stops the move to around $2,674.
When we turn on EMA Cross 10 and 30, we can see confirmation of a potential downward trend.
The RSI indicator shows a strong recovery, a return to the place where the price rebounded previously, but with room for the price to go lower, while the STOCH indicator also shows a strong recovery with visible room for another decline.