Hello everyone, let's take a look at the ETH to USDT chart on a 15 minute time frame. As you can see, the price is moving above the local uptrend line.
After unfolding the Fib Retracement grid, we can see that we have a strong support zone from $1,596 to $1,586, and further we can mark a second zone from $1,560 to $1,541.
Looking the other way, the price was again fighting against a strong resistance zone from $1,618 to $1,639, which is currently preventing the price from moving further.
Looking at the CHOP index, it seems that the current recovery is gaining energy, the RSI indicator shows a recovery, but adding the STOCH indicator to it, it is clear that there is still room for the price to go lower.
After unfolding the Fib Retracement grid, we can see that we have a strong support zone from $1,596 to $1,586, and further we can mark a second zone from $1,560 to $1,541.
Looking the other way, the price was again fighting against a strong resistance zone from $1,618 to $1,639, which is currently preventing the price from moving further.
Looking at the CHOP index, it seems that the current recovery is gaining energy, the RSI indicator shows a recovery, but adding the STOCH indicator to it, it is clear that there is still room for the price to go lower.