ETH/EUR pair has broken major support at 40.18 (21- day EMA) and declined slightly from that level (KRAKEN). ETH/EUR declined till 38.40 at the time of writing and is currently trading around 39.60 at press time.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 44.91

Kijun-Sen level: 32.32

Major Trend reversal level - (Mar 18th, 2017 low) – 28

Long-term trend remains to be bullish. ETH/EUR breaks major support at 21- day EMA and a decline till 35 likely.

The major resistance is around 44.91 (daily Tenken-Sen) and any break above targets 49.48 (Mar 29th, 2017 high)/ 52.91 (138.2% retracement of 49.48 and 40.50). Short term support is seen at 38 and any break below will drag the pair till 35 (Mar 22nd low)/28 (Mar 18th low).