Ethereum Classic / Euro may fall to 20.32 - 20.59

Our pivot point is at 21.55.

Our preference

The downside prevails as long as 21.55 is resistance.

Alternative scenario

The upside breakout of 21.55, would call for 22.01 and 22.29.

Comment

The RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 21.38 and 21.50).

Supports and resistances

22.29 **

22.01 *

21.55 **

21.36

21.15 last

20.59

20.32 **

20.04 *

19.77 **

Number of asterisks represents the strength of support and resistance levels.