ETH/USDT Daily Review 4HInterval
Hello everyone, I invite you to review the chart of ETH in pair to USDT, on a four-hour interval. First, we will use the yellow line to mark the downtrend line from which the price went up. It is also worth mentioning that after turning on the EMA Cross 200, we can see that the moving average of 200 held the price before falling further.
Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark the supports, and as you can see, we have the first support at $1843, the second support at $1801, and then we can mark a very strong support zone from $1760 to $1701.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here the first strong resistance that the price is currently fighting is $1882, then we can mark a very strong resistance zone from $1944 to $2030, and when it manages to break out above, the price will be able to move towards the resistance at the previous high of $2140.
The CHOP index indicates that there is still energy to continue the movement. The MACD indicator confirms the local uptrend. On the other hand, the RSI is moving around the middle of the range, which may indicate that there is still room for the price to break out of the first resistance.
Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark the supports, and as you can see, we have the first support at $1843, the second support at $1801, and then we can mark a very strong support zone from $1760 to $1701.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here the first strong resistance that the price is currently fighting is $1882, then we can mark a very strong resistance zone from $1944 to $2030, and when it manages to break out above, the price will be able to move towards the resistance at the previous high of $2140.
The CHOP index indicates that there is still energy to continue the movement. The MACD indicator confirms the local uptrend. On the other hand, the RSI is moving around the middle of the range, which may indicate that there is still room for the price to break out of the first resistance.
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