ETH/EUR is seen trading well below in red on Tuesday. The pair breaks major support 6.23 (Apr 13th, 2016 low) and declined till 5.78 levels (KRAKEN).It is currently trading around 5.65 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 7.49

Kijun-Sen level: 7.96

Trend reversal level - (100 day MA) – 10.25

Long-term trend remains to be bearish. ETH/EUR trades well below 6.23 and decline till 5/4.73 is possible.

The minor resistance is around 6.50 (support turned into resistance) any break above targets 7.20 (5- day MA)/7.50 (Daily Tenken-Sen). Short-term support is seen at 5.68 (113% retracement of 6.52 and 12.93) and any break below targets 5/4.55 (113% retracement of 6.23 and 19.08).