Hello everyone, let's look at the ETH to USDT chart on the 4-hour time frame. As you can see, the price has fallen below the local uptrend channel.
Let's start with setting support and here we immediately see that the price is in a strong support zone from $ 1560 to $ 1518, if the price goes lower we can see a quick drop to around $ 1396.
Now let's move on to the resistance ETH is facing, we can see that we have a strong resistance zone from $1621 to $1674, then it will meet resistance at $1716.
Looking at the CHOP indicator, we can see that the energy has been used up for the last fall, the MACD indicates a local downtrend, while the RSI has touched the lower range, which gives us room for new highs.
Let's start with setting support and here we immediately see that the price is in a strong support zone from $ 1560 to $ 1518, if the price goes lower we can see a quick drop to around $ 1396.
Now let's move on to the resistance ETH is facing, we can see that we have a strong resistance zone from $1621 to $1674, then it will meet resistance at $1716.
Looking at the CHOP indicator, we can see that the energy has been used up for the last fall, the MACD indicates a local downtrend, while the RSI has touched the lower range, which gives us room for new highs.