Daily ETH 4HChart - resistance and support
Hello everyone, let's look at the ETH to USDT chart on the 4-hour time frame. As you can see, the price is moving in the downtrend channel.
Let's start with the support line and as you can see the first support in the near future is $1754, if the support is broken then the next support is $1695, $1650 and then we have a support zone from $1601 to $1533.
Now let's move to the resistance line, as you can see the first resistance is $1924, if you manage to break it the next resistance will be $2035 and $2127.
Looking at the CHOP indicator, we see that there is a lot of energy on the short interval, the MACD is on the verge of returning to the downtrend, while the RSI is moving in the middle of the range, which makes it difficult to clearly determine the direction of the price.
Let's start with the support line and as you can see the first support in the near future is $1754, if the support is broken then the next support is $1695, $1650 and then we have a support zone from $1601 to $1533.
Now let's move to the resistance line, as you can see the first resistance is $1924, if you manage to break it the next resistance will be $2035 and $2127.
Looking at the CHOP indicator, we see that there is a lot of energy on the short interval, the MACD is on the verge of returning to the downtrend, while the RSI is moving in the middle of the range, which makes it difficult to clearly determine the direction of the price.