ETH/USD is trading well above 8.00 level on Thursday, with its upside being capped by 38.2% fib retracement. The pair is currently trading at 8.51 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 9.05

Kijun-Sen: 9.52

Trend reversal: 10.95 (90 EMA)

On the topside, the pair faces immediate resistance at 8.75 levels (38.2% retracement of 10.30 and 7.80) and a consistent break above would see it testing 9.02 (10-EMA)/9.34.

On the reverse side, the pair is likely to find support at 8.25 levels (trend line joining 12.30 and 8.67) and a break below would weaken it to 7.80 (November 29 low)/ 7.51 (161.8% retracement of 9.23 and 12).