Ethereum Classic / Dollar may fall to 28.97 - 29.54

31.59 is our pivot point.

Our preference

The downside prevails as long as 31.59 is resistance.

Alternative scenario

Above 31.59, look for 32.55 and 33.13.

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 negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 31.55 and 31.85).

Supports and resistances

33.13 **

32.55 *

31.59 **

31.21

30.78 last

29.54

28.97 **

28.40 *

27.83 **

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