Ethereum Classic / Euro may fall to 17.00 - 17.23

Our pivot point is at 18.07.

Our preference

The downside prevails as long as 18.07 is resistance.

Alternative scenario

Above 18.07, look for 18.46 and 18.69.

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 18.77 and 19.49).

Supports and resistances

18.69 **

18.46 *

18.07 **

17.92

17.76 last

17.23

17.00 **

16.77 *

16.54 **

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