Ethereum Classic / Dollar may fall to 27.48 - 28.00

Our pivot point stands at 29.84.

Our preference

The downside prevails as long as 29.84 is resistance.

Alternative scenario

The upside breakout of 29.84, would call for 30.71 and 31.22.

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 below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 29.40 and 29.54). Finally, the Ethereum Classic / Dollar is trading below its lower Bollinger band (standing at 29.17).

Supports and resistances

31.22 **

30.71 *

29.84 **

29.50

29.03 last

28.00

27.48 **

26.97 *

26.45 **

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