ETH/USD traded in the red on Monday, hovering near the $10 mark. It hit 11.05 levels and could not sustain its strength. It currently trades at 10.22 levels (Kraken) at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan Sen: 10.71

Kijun Sen: 15.39

Trend reversal: 11.78 (90 EMA)

The pair has fallen drastically after making a high of 16.08 levels (June 22) and is trading well below 90 EMA. Short-term trend, therefore, appears bearish for the pair.

Major resistance is seen at 11.78 (90-day EMA) and any break above confirms minor bullishness, a jump till 12.56 (55-day EMA)/13.55 (61.8% retracement of 16.08 and 8.55). On the other hand, major support is likely to be found at 9.30 (Jul 5 low) and break below targets 8.45 (200-day MA)/8.