ETH/USD hit a fresh low of 11.12 levels on Tuesday and is currently trading at 11.50 levels (Kraken).

Short-term trend: Bearish

Ichimoku analysis of daily chart:

Tenkan Sen: 12.00

Kijun Sen: 12.31

Trend reversal: 12.14 (90 EMA)

The pair broke below 200-day MA on Tuesday and continues to trade below this level. It must close above 11.79 (200-DMA) for further upside, which would see it testing 12.14 (90 EMA)/ 12.51 (78.6% retracement of 12.89 and 11.12). Bullishness in the pair could be confirmed only if it breaks above previous high of 12.89 (October 18).

On the downside, support is now seen at 11.12 (October 25 low) and a break below would target 10.65 (August 19 low)/9.84 (61.8% retracement of 7 and 14.45).