Review of the ETH / USDT chart on the 1D interval
Hello everyone, let's take a look at the ETH to USDT 1 day chart. It is worth noting that after a long time when the ETH price was moving in the uptrend channel marked in yellow, however, a few days before the MERGE event, the price of eth started to decline and we entered the local downward trend channel marked in blue.
Let's start with the designation of the support line and as you can see the first support where the price is currently at is $ 1317, if the support breaks down and the price goes further down, it has a support zone from $ 1239 to $ 1083 in front of it.
Now let's move from the resistance line, as you can see, the first resistance is $ 1454, if you can break it, we have two zones to go. The first resistance zone is from $ 1564 to $ 1653, while the price eth will break it, another zone is from $ 1707 to $ 1864.
Let's pay attention to the CHOP indicator where we can notice that we have less and less energy for further moves, and the MACD indicator confirms that we are in a downward trend.
Let's start with the designation of the support line and as you can see the first support where the price is currently at is $ 1317, if the support breaks down and the price goes further down, it has a support zone from $ 1239 to $ 1083 in front of it.
Now let's move from the resistance line, as you can see, the first resistance is $ 1454, if you can break it, we have two zones to go. The first resistance zone is from $ 1564 to $ 1653, while the price eth will break it, another zone is from $ 1707 to $ 1864.
Let's pay attention to the CHOP indicator where we can notice that we have less and less energy for further moves, and the MACD indicator confirms that we are in a downward trend.
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