Daily ETH 1DChart - resistance and support
Hello everyone, let's look at the ETH to USDT chart on a single day time frame. As you can see, the price is moving above the local downtrend line.
Let's start with the support line and as you can see the first support in the near future is $1755, if the support is broken then we still have a support zone from $1699 to $1655, while further support is at $1609 and $1548.
Looking the other way, we see that the price has hit a very important resistance at $1821 at 1.618Fib, when it breaks it and positively tests it will move towards the $2100 resistance.
Looking at the CHOP indicator, we see that the energy has been used, the MACD indicates a local uptrend, while the RSI is approaching the upper limit, which may give the price a rebound.
Let's start with the support line and as you can see the first support in the near future is $1755, if the support is broken then we still have a support zone from $1699 to $1655, while further support is at $1609 and $1548.
Looking the other way, we see that the price has hit a very important resistance at $1821 at 1.618Fib, when it breaks it and positively tests it will move towards the $2100 resistance.
Looking at the CHOP indicator, we see that the energy has been used, the MACD indicates a local uptrend, while the RSI is approaching the upper limit, which may give the price a rebound.