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 staying above the local uptrend line.
Let's start by drawing a support line in a situation where the correction will deepen, the first support in the near future is 11942, if the support is broken then the next support is 11915, 11895 and $1871.
Now let's move on to the resistance line, as you can see the first resistance is 22029, if you manage to break it, the next resistance will be
2072, 22107 and $2140.
Looking at the CHOP indicator, we see that the energy has been used up on the short interval, the MACD confirms the local downtrend, while the RSI shows a strong rebound to the lower end of the range, which can give some rest.
Let's start by drawing a support line in a situation where the correction will deepen, the first support in the near future is 11942, if the support is broken then the next support is 11915, 11895 and $1871.
Now let's move on to the resistance line, as you can see the first resistance is 22029, if you manage to break it, the next resistance will be
2072, 22107 and $2140.Looking at the CHOP indicator, we see that the energy has been used up on the short interval, the MACD confirms the local downtrend, while the RSI shows a strong rebound to the lower end of the range, which can give some rest.
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