Hello everyone, let's take a look at the ETH to USDT chart on a one hour time frame. As you can see, the price is moving above the local downtrend line.
After unfolding the Fib Retracement grid, we see that the price remains at the upper limit of the support zone from $1,625 to $1,607, then we have the second zone from $1,577 to $1,557, and then strong support at $1,530.
Looking the other way, we have to overcome a strong resistance zone from $1,640 to $1,669, and after breaking above it, we can see a strong upward movement to around $1,755.
Looking at the CHOP indicator, we see that there is little energy left for the next move, while the RSI indicator shows a return to the lower part of the range, but with room for the price to fall lower.
After unfolding the Fib Retracement grid, we see that the price remains at the upper limit of the support zone from $1,625 to $1,607, then we have the second zone from $1,577 to $1,557, and then strong support at $1,530.
Looking the other way, we have to overcome a strong resistance zone from $1,640 to $1,669, and after breaking above it, we can see a strong upward movement to around $1,755.
Looking at the CHOP indicator, we see that there is little energy left for the next move, while the RSI indicator shows a return to the lower part of the range, but with room for the price to fall lower.