ETH - USDT, 1D Interval Resistance and Support
Hello everyone, I invite you to review the chart of ETH vs. USDT on the 1D time frame. As you can see, the price of ETH has been moving in a downtrend channel for a long time.
Now let's move on to checking what support spots we should consider in the coming days or weeks and here we have the first strong support at $1128, but if the price does not hold at this support, we have the next ones only around $885.
Looking the other way, we can also move to the determination of resistance points for ETH, and here we have the first significant resistance at the price of $ 1302, the next resistance is at the price of $ 1441, only further when the price goes towards the strong resistance zone from $ 1552 to $ 1666 and we manage to get out of this zone and test positively, we will get confirmation of leaving the downward channel and opening the way to further increases.
What's more, we can indicate with the yellow line that the price is locally moving below the downtrend line.
As we can see, the current volume is very low with a slight advantage on the part of the sellers, the CHOP index indicates that the energy has been used to correct the price, but we still have room for continuation. The MACD indicates the entry into a downtrend, while the RSI shows a decline, but with room for a deeper correction.
Now let's move on to checking what support spots we should consider in the coming days or weeks and here we have the first strong support at $1128, but if the price does not hold at this support, we have the next ones only around $885.
Looking the other way, we can also move to the determination of resistance points for ETH, and here we have the first significant resistance at the price of $ 1302, the next resistance is at the price of $ 1441, only further when the price goes towards the strong resistance zone from $ 1552 to $ 1666 and we manage to get out of this zone and test positively, we will get confirmation of leaving the downward channel and opening the way to further increases.
What's more, we can indicate with the yellow line that the price is locally moving below the downtrend line.
As we can see, the current volume is very low with a slight advantage on the part of the sellers, the CHOP index indicates that the energy has been used to correct the price, but we still have room for continuation. The MACD indicates the entry into a downtrend, while the RSI shows a decline, but with room for a deeper correction.
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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.