Ethereum Classic / Euro may fall to 16.50 - 16.73

17.50 is our pivot point.

Our preference

The downside prevails as long as 17.50 is resistance.

Alternative scenario

The upside breakout of 17.50, would call for 17.88 and 18.11.

Comment

The RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 17.35 and 17.49).

Supports and resistances

18.11 **

17.88 *

17.50 **

17.34

17.19 last

16.73

16.50 **

16.27 *

16.04 **

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