Hello everyone, let's take a look at the ETH to USDT chart on a one hour time frame. As you can see, the price is moving above the local downtrend line.
After unfolding the Trend Based Fib Extension grid, we see that the price has retreated to the support zone from $1,582 to $1,547, and then there is a second zone from $1,518 to $1,489.
Looking the other way, first we have a resistance zone from $1,596 to $1,620, and then the price will again try to break the zone from $1,677 to $1,720.
Looking at the CHOP indicator, we see that the energy is running out, the RSI indicator shows a strong rebound, which creates room for a new increase, similarly on the STOCH indicator, we have exceeded the lower limit and we can see a new upward movement.
After unfolding the Trend Based Fib Extension grid, we see that the price has retreated to the support zone from $1,582 to $1,547, and then there is a second zone from $1,518 to $1,489.
Looking the other way, first we have a resistance zone from $1,596 to $1,620, and then the price will again try to break the zone from $1,677 to $1,720.
Looking at the CHOP indicator, we see that the energy is running out, the RSI indicator shows a strong rebound, which creates room for a new increase, similarly on the STOCH indicator, we have exceeded the lower limit and we can see a new upward movement.