ETH/EUR is seen trading below in red on Wednesday. The pair is trading in a narrow range between 8.33 and 7.597 for the past three trading sessions (KRAKEN). It has jumped till 7.9300 at the time of writing. It is currently trading around 7.91.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 6.96

Kijun-Sen level: 7.61

Trend reversal level - (100 days MA) – 10.08

Long-term trend remains to be bearish. ETH/EUR faces strong resistance at 8.35 and any close above will take the pair till 8.85 (55- day EMA).

The major resistance is around 8.35 (Dec 8th high) any break above targets 8.95 (55- day EMA)/9.25. Short-term support is seen at 7.57 (10- day MA) and any break below targets 6.96 (daily Tenken-Sen)/6.62 (61.8% retracement of 5.58 and 8.33)/5.58.