ETH to USDT chart analysis on a 4H interval
Hello everyone, I invite you to a detailed review of the ETH pair to USDT chart, also on a four-hour interval. First, we will use the blue lines to mark the upward trend channel in which the price has dynamically moved upwards, moving along the local upward trend line, from which it has currently broken downwards. And here we will again define the current downtrend channel, where we have approached the lower border of the channel, using blue lines.
Now let's move on to marking the support places. We will use Fib Retracement tools to mark the supports, and as you can see, the price is fighting in the support zone from $1,939 to $1,895, if it comes out of it and breaks out of the channel, then we have support at $1,829 and then around $1,745.
Looking the other way, we can similarly mark places where the price should encounter resistance on the way up. And here the first resistance is at $1996, then we have the second resistance at $2048, and then the price must face a very strong resistance zone from $2088 to $2136.
When we turn on EMA Cross 10 and 30, we can notice the place where the indicator showed a return to the local downtrend in which we are currently staying.
The CHOP index indicates that there is energy for a continuation of the move, the RSI indicator shows that we are in a downward trend, with room for the price to go lower, but at this point it is worth looking at the STOCH indicator, which has clearly exceeded the lower limit, which may result in a slowdown in the correction and give an upward movement.
Now let's move on to marking the support places. We will use Fib Retracement tools to mark the supports, and as you can see, the price is fighting in the support zone from $1,939 to $1,895, if it comes out of it and breaks out of the channel, then we have support at $1,829 and then around $1,745.
Looking the other way, we can similarly mark places where the price should encounter resistance on the way up. And here the first resistance is at $1996, then we have the second resistance at $2048, and then the price must face a very strong resistance zone from $2088 to $2136.
When we turn on EMA Cross 10 and 30, we can notice the place where the indicator showed a return to the local downtrend in which we are currently staying.
The CHOP index indicates that there is energy for a continuation of the move, the RSI indicator shows that we are in a downward trend, with room for the price to go lower, but at this point it is worth looking at the STOCH indicator, which has clearly exceeded the lower limit, which may result in a slowdown in the correction and give an upward movement.