Ethereum Classic / Euro may fall to 16.39 - 16.62

17.38 is our pivot point.

Our preference

The downside prevails as long as 17.38 is resistance.

Alternative scenario

The upside breakout of 17.38, would call for 17.77 and 17.99.

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 17.16 and 17.33).

Supports and resistances

17.99 **

17.77 *

17.38 **

17.23

17.08 last

16.62

16.39 **

16.16 *

15.93 **

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