Daily ETH 1DChart - Review
As the second chart in today's review, we will check ETH against USDT, also on a single-day timeframe. First, we will use the yellow line to mark the main downtrend line that the price is approaching, previously we managed to exit the first downtrend line. We are currently moving similarly to the example of BTC in the uptrend channel marked with blue lines.
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 $ 1858, which has held the price for now, then we can mark a strong support zone from $ 1678 to $ 1517, but when the zone is broken, then we have a second zone from $ 1382 up to $ 1168.
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 $ 2230, the next resistance at $ 2550, and then the third resistance at $ 3010. Nevertheless, a very important level will be the resistance at the so-called golden point of the Fib retracement at $ 3350.
Please look at the CHOP index which indicates that there is a lot of energy to move. The MACD indicator is on the verge of entering an uptrend. On the other hand, we observed a rebound on the RSI and we currently have an upward movement, with room for further movement.
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 $ 1858, which has held the price for now, then we can mark a strong support zone from $ 1678 to $ 1517, but when the zone is broken, then we have a second zone from $ 1382 up to $ 1168.
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 $ 2230, the next resistance at $ 2550, and then the third resistance at $ 3010. Nevertheless, a very important level will be the resistance at the so-called golden point of the Fib retracement at $ 3350.
Please look at the CHOP index which indicates that there is a lot of energy to move. The MACD indicator is on the verge of entering an uptrend. On the other hand, we observed a rebound on the RSI and we currently have an upward movement, with room for further movement.
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