Hello everyone, I invite you to review the chart of ETH in pair with USDT, taking into account the interval of one day. Let's start by identifying the main downward trend line from which the price came out on top, creating a new, strong upward trend, which the price is currently above.
Looking at the current increases in the market, let's now move on to determining resistance levels, and here, after deploying the Fib Retracement tool, you can see how the price is fighting in a strong resistance zone from $2,553 to $3,009, which so far does not have enough volume to overcome it. However, once it does and the price goes up, it will move towards the resistance at $3,590.
Looking the other way, we should identify places of support. And here the first significant resistance that we should take into account is at the level of $2120, then there is resistance around the price of $1650, which I consider to be the maximum downward level, but we will further define the potential level of $1311.
It is worth looking at the RSI indicators and the STOCH indicator here, because both of these indicators show that a movement at the upper limit of their ranges results in a slight rebound, but we should still be cautious because the rebound may result in a greater price drop.
Looking at the current increases in the market, let's now move on to determining resistance levels, and here, after deploying the Fib Retracement tool, you can see how the price is fighting in a strong resistance zone from $2,553 to $3,009, which so far does not have enough volume to overcome it. However, once it does and the price goes up, it will move towards the resistance at $3,590.
Looking the other way, we should identify places of support. And here the first significant resistance that we should take into account is at the level of $2120, then there is resistance around the price of $1650, which I consider to be the maximum downward level, but we will further define the potential level of $1311.
It is worth looking at the RSI indicators and the STOCH indicator here, because both of these indicators show that a movement at the upper limit of their ranges results in a slight rebound, but we should still be cautious because the rebound may result in a greater price drop.