ETH/EUR is seen trading slightly above on Wednesday. The pair has made fresh monthly low yesterday and slightly recovered from that level (KRAKEN). It is currently trading around 10.62 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 10.99

Kijun-Sen level: 11.12

Trend reversal level - (100 day MA) – 10.81

Long-term trend remains to be bearish. ETH/EUR breaks below 200- day MA and slightly recovered from that level. Short term trend is weak, a decline till 9.40 is possible.

The major resistance is around 10.81 (100- day MA) and any break above targets 11.00 (21- day MA)/11.20 (50- day MA). Short-term support is seen at 10.21 (Oct 26th low) and any violation below targets 9.97 (Sep 8th low)/9.40 (Aug 19th low).