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Downtrend

ETH/USDT 4H Review ChartHello everyone, I invite you to review the chart of ETH in pair with USDT, also on a four-hour interval. First of all, using the yellow line, it is worth determining the downward trend lines under which the price continues to stay. 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, first we have a support zone from $1,588 to $1,563, but if the price falls below this zone, we have a second strong zone from $1,537 to $1,501. Looking the other way, we can similarly mark places where the price should encounter resistance on the way up. And here you can see that the price is fighting the resistance at $1,595, then we have the first resistance zone from $1,616 to $1,632, then there is the second zone from $1,648 to $1,671, and then strong resistance at $1,700. The CHOP index indicates that despite the recent move, we quickly regained energy, the RSI indicator shows a dynamic rebound after approaching the lower limit, while the STOCH indicator confirms the rebound, but you should be careful here because you can see the rapid use of energy.
by cryptodailyuk
ETH/USDT 4HInterval ReviewHello 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.
by cryptodailyuk