ETH/USDT 4H Chart
I invite you to review the chart of ETH in pair with USDT, on a four-hour interval. Let's start by defining, using the yellow lines, the upward trend channel from which we can observe how the price begins to break down. Moreover, it is worth saying that such a bottom exit from the channel often results in a price movement by the height of the channel.
In this situation, let's now move on to marking the support places. To mark supports, we will use the trend based fib extension tool, and here you can see how the price is struggling at the support zone from $2,907 to $2,872, but if the zone is broken, you can see how another strong support at $2,771 is in the previously designated place.
Looking the other way, we can similarly mark places where the price should encounter resistance on the way up. And here the first resistance is visible at the price of $2,971, and before further increases, the price will again have to face the resistance zone from $3,040 to $3,075.
When we look at the RSI indicator, we will see a rebound movement, but here there is room for further correction, similarly on the STOCH indicator we are in the lower part, with room for further recovery.
In this situation, let's now move on to marking the support places. To mark supports, we will use the trend based fib extension tool, and here you can see how the price is struggling at the support zone from $2,907 to $2,872, but if the zone is broken, you can see how another strong support at $2,771 is in the previously designated place.
Looking the other way, we can similarly mark places where the price should encounter resistance on the way up. And here the first resistance is visible at the price of $2,971, and before further increases, the price will again have to face the resistance zone from $3,040 to $3,075.
When we look at the RSI indicator, we will see a rebound movement, but here there is room for further correction, similarly on the STOCH indicator we are in the lower part, with room for further recovery.
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