ETH/USDT 4HInterval Review
Hello everyone, I invite you to review the chart of ETH in pair with USDT, also on a four-hour interval. First of all, we can use the blue lines to mark the downward trend channel in which the price is currently moving and, as we can see, we have another attempt to exit the prevailing downward channel.
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, the first one we have is a support zone from $1,575 to $1,544, which has kept the price from falling further, and then we have a second strong support zone from $1,493 to $1,457.
Looking the other way, we can similarly mark places where the price should encounter resistance on the way up. And here we have resistance at the level of $1,606, then there is a strong resistance zone from $1,628 to $1,683, if it manages to break out of it, the price must overcome the resistance at $1,726 before further increases.
The CHOP index indicates that there is a lot of energy for a move, there is a visible increase on the RSI and there is room for the price to go higher, while the STOCH indicator indicates that there is no energy for an upward move, which may result in an increase in the price and then a slight rebound to gain 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, the first one we have is a support zone from $1,575 to $1,544, which has kept the price from falling further, and then we have a second strong support zone from $1,493 to $1,457.
Looking the other way, we can similarly mark places where the price should encounter resistance on the way up. And here we have resistance at the level of $1,606, then there is a strong resistance zone from $1,628 to $1,683, if it manages to break out of it, the price must overcome the resistance at $1,726 before further increases.
The CHOP index indicates that there is a lot of energy for a move, there is a visible increase on the RSI and there is room for the price to go higher, while the STOCH indicator indicates that there is no energy for an upward move, which may result in an increase in the price and then a slight rebound to gain energy.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.