Ethereum Classic / Euro may rise to 17.37 - 17.62

16.57 is our pivot point.

Our preference

Rebound towards 17.62.

Alternative scenario

The downside breakout of 16.57 would call for 16.16 and 15.92.

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 stands below its 20 and 50 period moving average (respectively at 16.96 and 17.41).

Supports and resistances

18.10 **

17.86 *

17.62 **

17.37

16.89 last

16.73

16.57 **

16.16 *

15.92 **

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