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 quickly came back and is currently staying just above the downtrend line.
After unfolding the trend based fib extension grid, we see that we have a strong support zone from $1,594 to $1,581, and then a second zone from $1,568 to $1,551.
Looking the other way, you can see that the price is struggling with resistance at $1,600, but we still have an important zone from $1,627 to $1,639.
Looking at the CHOP indicator, we can see that the energy in the downtrend has been used, while the STOCH indicator also shows the energy used for the price drop, which may result in another increase.
After unfolding the trend based fib extension grid, we see that we have a strong support zone from $1,594 to $1,581, and then a second zone from $1,568 to $1,551.
Looking the other way, you can see that the price is struggling with resistance at $1,600, but we still have an important zone from $1,627 to $1,639.
Looking at the CHOP indicator, we can see that the energy in the downtrend has been used, while the STOCH indicator also shows the energy used for the price drop, which may result in another increase.