Ether / USD may fall to 3043 - 3081

Our pivot point stands at 3259.

Our preference

The downside prevails as long as 3259 is resistance.

Alternative scenario

The upside breakout of 3259, would call for 3323 and 3362.

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 3282 and 3313). Finally, the Ether / Dollar has penetrated its lower Bollinger band (3219).

Supports and resistances

3362 **

3323 *

3259 **

3233

3192 last

3081

3043 **

3005 *

2967 **

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