Hello everyone, let's take a look at the ETH to USDT chart on a 4-hour time frame. As you can see, the price broke below the local upward trend line.
When we unfold the trend based fib extension grid, we see support at the level of $1,952, while we still have a very strong support zone from $1,921 to $1,881.
Looking the other way, the price again has resistance at $2012, and then we have a resistance zone from $2051 to $2078.
Looking at the CHOP indicator, we see that the energy is gaining strength, the RSI indicator, despite the recovery, still has room for a decline, and the STOCH indicator shows a downward movement with room for a larger correction.
When we unfold the trend based fib extension grid, we see support at the level of $1,952, while we still have a very strong support zone from $1,921 to $1,881.
Looking the other way, the price again has resistance at $2012, and then we have a resistance zone from $2051 to $2078.
Looking at the CHOP indicator, we see that the energy is gaining strength, the RSI indicator, despite the recovery, still has room for a decline, and the STOCH indicator shows a downward movement with room for a larger correction.