ETH/USD hit fresh low of 11.35 levels on Thursday, closing just shy of 21-day MA. It is currently trading at 11.49 levels and faces strong resistance at 90-EMA (Kraken).

Long-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 11.75

Kijun Sen: 11.60

Trend reversal: 11.59 (90 EMA)

“The pair has taken support near 21-day MA after trading in the red for past couple of days. ETH/USD must break above previous high of 12.54 levels for further upside”, FxWirePro said in a statement.

Immediate resistance is seen at 11.59 (90 EMA) and a break above would see the pair testing 12.40 (100-day MA)/13.47 (78.6% retracement of 15.23 and 7.00).

On the flipside, support is likely to be found at 11.21 (200-day MA) and a close below would drag the pair to 10.00 (psychological level) and then to 9.77(50% retracement of 7 and 12.54).