The key resistance levels are the supply zone of 2245.9-2236.7 and the 0.786 Fib level of 2234.4. Support lies at 2210 and below that a declining trend line is forming near 2195 level. As long as price stays above 2210, the short term outlook is bullish, failing to sustain above 2230 could bring more selling pressure.
For a more in-depth technical analysis across different timeframes, please click the link to view the identified levels of support and resistance, trends, and reversal patterns on the weekly, daily, and 4-hour charts.
1 Hour Timeframe
The current price of ETH/USDT is trading at 2230.5 level. On the 1 hour chart, we can see that the price is finding resistance at the 0.618 Fibonacci retracement level of 2220.1. This is a good resistance level to watch out for any shorting opportunities.
Above the current price, there is a supply zone formed between 2245.9-2236.7. This supply zone will also act as resistance. If price is able to break above this zone, it will face resistance at the next supply level of 0.786 Fibonacci retracement at 2234.4.
On the downside, there seems to be decent support near the 2220 level provided by the 0.618 Fib retracement. Below this, next support lies at 2210.2 which is the 0.5 Fib retracement level. The price is also hovering above a bearish fair value gap formed between 2236.7-2226.5. A break below this gap could see further downside towards 2200-2195 support zone.
Fibonacci Retracement Levels
0.382 | 2200.3 |
0.50 | 2210.2 |
0.618 | 2220.1 |
0.786 | 2234.4 |
0.882 | 2242.4 |
Supply Zone
Zone Number | High | Low |
Supply Zone #1 | 2245.9 | 2236.7 |
Fair Value Gaps / Imbalances
Gap Number | High | Low |
Bearish FVG #1 | 2236.7 | 2226.5 |