Daily ETH 1DChart - resistance and support
Hello everyone, I invite you to review the chart of ETH in pair to USDT, also on a one-day interval. First of all, using the blue lines, we can mark the uptrend channel in which the price is currently moving.
Now let's move on to marking the places of support. We will use the trend based fib extension tool to mark the supports, and as you can see, we have the first support at $1809, the second support at $1767, the third support at $1734, and then we have support at $1703.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here price is fighting resistance at $1830, next resistance is at $1857, then third resistance at $1884 and fourth resistance at $1923.
The CHOP index indicates that there is a lot of energy for the next move. The MACD indicator indicates the transition to an uptrend. On the other hand, on the RSI we see that a small price movement gives visible movements on the indicator, which can quickly reduce the room for further increases.
Now let's move on to marking the places of support. We will use the trend based fib extension tool to mark the supports, and as you can see, we have the first support at $1809, the second support at $1767, the third support at $1734, and then we have support at $1703.
Looking the other way, we can also mark the places where the price should encounter resistance on the way to increases. And here price is fighting resistance at $1830, next resistance is at $1857, then third resistance at $1884 and fourth resistance at $1923.
The CHOP index indicates that there is a lot of energy for the next move. The MACD indicator indicates the transition to an uptrend. On the other hand, on the RSI we see that a small price movement gives visible movements on the indicator, which can quickly reduce the room for further increases.