Hello everyone, I invite you to review the chart of ETH in pair with USDT, also on a four-hour interval. First of all, using the yellow line, it is worth determining the downward trend lines under which the price continues to stay.
Now let's move on to marking the support places. We will use the trend based fib extension tool to mark supports, and as you can see, first we have a support zone from $1,588 to $1,563, but if the price falls below this zone, we have a second strong zone from $1,537 to $1,501.
Looking the other way, we can similarly mark places where the price should encounter resistance on the way up. And here you can see that the price is fighting the resistance at $1,595, then we have the first resistance zone from $1,616 to $1,632, then there is the second zone from $1,648 to $1,671, and then strong resistance at $1,700.
The CHOP index indicates that despite the recent move, we quickly regained energy, the RSI indicator shows a dynamic rebound after approaching the lower limit, while the STOCH indicator confirms the rebound, but you should be careful here because you can see the rapid use of energy.
Now let's move on to marking the support places. We will use the trend based fib extension tool to mark supports, and as you can see, first we have a support zone from $1,588 to $1,563, but if the price falls below this zone, we have a second strong zone from $1,537 to $1,501.
Looking the other way, we can similarly mark places where the price should encounter resistance on the way up. And here you can see that the price is fighting the resistance at $1,595, then we have the first resistance zone from $1,616 to $1,632, then there is the second zone from $1,648 to $1,671, and then strong resistance at $1,700.
The CHOP index indicates that despite the recent move, we quickly regained energy, the RSI indicator shows a dynamic rebound after approaching the lower limit, while the STOCH indicator confirms the rebound, but you should be careful here because you can see the rapid use of energy.