Ethereum Classic / Euro may rise to 17.37 - 17.54

Our pivot point is at 16.80.

Our preference

The upside prevails as long as 16.80 is support.

Alternative scenario

The downside breakout of 16.80 would call for 16.51 and 16.34.

Comment

The RSI is trading above 70. This could mean that either the price is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 16.89 and 16.74).

Supports and resistances

17.88 **

17.71 *

17.54 **

17.37

17.02 last

16.91

16.80 **

16.51 *

16.34 **

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