ETH/EUR is seen trading slightly below on Wednesday. The pair is trading in a narrow range between 7.29 and 7.64 levels (KRAKEN). It is currently trading around 7.400 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 7.66

Kijun-Sen level: 7.38

Minor trend reversal level- 9.55 (trend line joining 12.92 and 11.78).

Major Trend reversal level - (100 days MA) – 10.44

Long-term trend remains to be bearish. ETH/EUR upside capped by 10–day MA and slight bullishness only above that level.

The major resistance is around 7.64 (10 day MA) any break above targets 8.35 (Dec 8th high)/ 8.57 (55- day EMA). Short-term support is seen at 7.22 (161.8% retracement of 7.59 and 8.12) and any break below will drag the pair till 6.62 (61.8% retracement of 5.58 and 8.33)/5.58.