Hello everyone, I invite you to review the chart of ETH in pair to USDT, also on a four-hour interval. First of all, using the blue lines, we can mark the uptrend channel in which the price is currently moving at its upper border.
When we turn on the EMA Cross 200, we can see that it held the price nicely at the time of the correction.
Now let's move on to marking the places of support. Here the first support we should take into account is at $1973, then we will mark the strong support zone from $1935 to $1911, however when the price breaks down from it we have another support at $1877.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we have the first very strong resistance at $2063, then we have a strong support zone from $2110 to $2144, only when the price goes up, it will move towards the resistance at $2188.
The CHOP index indicates that the energy has been used. The MACD indicator confirms the uptrend. However, on the RSI we crossed the upper limit, which gives us moments of recovery.
When we turn on the EMA Cross 200, we can see that it held the price nicely at the time of the correction.
Now let's move on to marking the places of support. Here the first support we should take into account is at $1973, then we will mark the strong support zone from $1935 to $1911, however when the price breaks down from it we have another support at $1877.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we have the first very strong resistance at $2063, then we have a strong support zone from $2110 to $2144, only when the price goes up, it will move towards the resistance at $2188.
The CHOP index indicates that the energy has been used. The MACD indicator confirms the uptrend. However, on the RSI we crossed the upper limit, which gives us moments of recovery.