ETH/USD has recovered sharply after hitting the 9-month low of 5.92 levels on December 06. The pair is currently trading at 8.64 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 7.30

Kijun-Sen: 8.14

Trend reversal: 10.48 (90-EMA)

On the topside, the pair faces strong resistance at 8.77 levels (21-day MA) and a consistent break above would see testing 8.96 (50% retracement of 12 and 5.92)/9.36 (78.6% retracement of 10.30 and 5.92). A break above 9.70 (trend line joining 14.45 and 12) would confirm further bullishness in the pair.

On the reverse side, the pair is likely to find support at 8.04 (10-EMA) and a break below would see it falling to 7.61 (38.2% retracement of 5.92 and 8.66)/7.29/7 (August 02 low).