Ether / USD may rise to 3267 - 3308

Our pivot point is at 3118.

Our preference

Rebound towards 3308.

Alternative scenario

The downside breakout of 3118 would call for 3050 and 3009.

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 above its signal line and negative. The configuration is mixed. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 3194 and 3323).

Supports and resistances

3389 **

3348 *

3308 **

3267

3173 last

3145

3118 **

3050 *

3009 **

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