ETH 1H Review Be careful!
Hello everyone, I invite you to review the chart of ETH in pair to USDT, also on an hourly interval. In the first place, we can mark the downtrend channel, however, we are currently moving in a sideways trend channel in which the price is still holding.
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 is the zone from $1841 to $1829, then we can mark a very strong support zone from $1780 to $1714, when the price falls below this zone we can see a drop around $1626.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we see a strong resistance zone from $1,894 to $1,947, then we have resistance at $1,984, and then the price needs to break through the $2,031 resistance to continue up.
When we turn on the EMA Cross 200, we see that the price made an attempt to return to the uptrend, but it failed and we quickly fell below the ema cross 200.
The CHOP index indicates that the energy is almost depleted, the RSI has a strong rebound but there is still room for us to go lower, the STOCH index indicates that the energy is depleted at the moment so we can see a temporary sideways trend.
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 is the zone from $1841 to $1829, then we can mark a very strong support zone from $1780 to $1714, when the price falls below this zone we can see a drop around $1626.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here we see a strong resistance zone from $1,894 to $1,947, then we have resistance at $1,984, and then the price needs to break through the $2,031 resistance to continue up.
When we turn on the EMA Cross 200, we see that the price made an attempt to return to the uptrend, but it failed and we quickly fell below the ema cross 200.
The CHOP index indicates that the energy is almost depleted, the RSI has a strong rebound but there is still room for us to go lower, the STOCH index indicates that the energy is depleted at the moment so we can see a temporary sideways trend.
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