Daily ETH 4HChart - resistance and support
Hello everyone, I invite you to review the chart of ETH in pair to USDT, on a four-hour interval. First of all, with the yellow line we can mark the uptrend line from which the price has gone down, while with the blue lines we will mark the narrow channel of the local downtrend in which we are moving.
Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark the support, and as you can see we have the first support at $1603, then we can mark the strong support zone from $1570 to $1522, when the price goes lower we have the third support at $1462.
It is worth paying attention to the EMA Cross 10 and 30, which indicate the place of confirmation of the downward trend change.
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 resistance at $1630, the next resistance is at $1652, then we can mark the resistance zone from $1669 to $1711, and then the resistance at $1743.
The CHOP index indicates that most of the energy has been used. The MACD indicator indicates a local downtrend. On the other hand, on the RSI we see a definite rebound, we are moving at the lower end of the range, which may slow down further price declines.
Now let's move on to marking the places of support. We will use the Fib Retracement tool to mark the support, and as you can see we have the first support at $1603, then we can mark the strong support zone from $1570 to $1522, when the price goes lower we have the third support at $1462.
It is worth paying attention to the EMA Cross 10 and 30, which indicate the place of confirmation of the downward trend change.
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 resistance at $1630, the next resistance is at $1652, then we can mark the resistance zone from $1669 to $1711, and then the resistance at $1743.
The CHOP index indicates that most of the energy has been used. The MACD indicator indicates a local downtrend. On the other hand, on the RSI we see a definite rebound, we are moving at the lower end of the range, which may slow down further price declines.
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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.