Daily ETH 1DChart - resistance and support
Hello everyone, I invite you to review the chart of ETH in pair to USDT, taking into account the one-day interval. First of all, with the help of yellow lines, we will mark the uptrend channel in which the price is currently moving at its lower border.
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 the first support that is currently holding the price is $1851, then we have a support zone from $1687 to $1555, however when the price drops below this zone we can see a drop around the strong support at 1423 $.
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 the price of $1916, from which the price bounced several times, the next resistance is at the price of $2230, and then the third resistance at the price of $2553.
When we turn on the EMA Cross 200, we can see that they indicate an uptrend. The CHOP index indicates that we have a lot of energy for the upcoming move. The MACD indicator indicates the transition to a downtrend. On the other hand, the RSI is moving around the middle of the range, which makes it difficult to clearly determine the upcoming price direction.
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 the first support that is currently holding the price is $1851, then we have a support zone from $1687 to $1555, however when the price drops below this zone we can see a drop around the strong support at 1423 $.
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 the price of $1916, from which the price bounced several times, the next resistance is at the price of $2230, and then the third resistance at the price of $2553.
When we turn on the EMA Cross 200, we can see that they indicate an uptrend. The CHOP index indicates that we have a lot of energy for the upcoming move. The MACD indicator indicates the transition to a downtrend. On the other hand, the RSI is moving around the middle of the range, which makes it difficult to clearly determine the upcoming price direction.
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