ETH/EUR pair hits a fresh lifetime high at 47 and shown a huge profit booking from that level. ETH/EUR declined till 31.52 at the time of writing and recovered sharply from the low of 31.52. It is currently trading around 40.70 at the time of writing.

Ichimoku analysis of hourly chart shows:

Tenkan-Sen level: 35.15

Kijun-Sen level: 32.96

Major Trend reversal level - (daily Kijun-Sen) – 19.95

Long-term trend remains to be bullish. ETH/EUR faces strong support at 31.07 (50% fibo) and any break below will confirm further weakness.

The major resistance is around 42 and any break above targets 45.32 (88.6% retracement of 47 and 47. Short term support is seen at 38.15 (38.2% retracement of 47 and 31.52) and any break below will drag the pair till 34.83 (38.2% retracement of 15.15 and 47)/31.07 (50% retracement of 15.15 and 47)/32.95 (Hourly Kijun-Sen).