ETH/EUR is seen trading below in red on Thursday. The pair recovered sharply after declining till 9.15 levels (KRAKEN). It is currently trading around 9.70 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 9.62

Kijun-Sen level: 9.79

Trend reversal level - (100 day MA) – 10.59

Long-term trend remains to be bearish. ETH/EUR upside is capped by 61.8% retracement of 11.78 and 7.80 and any close above confirms minor bullishness.

The major resistance is around 9.85 (10- day MA) and any violation above targets 10.26 (61.8% retracement of 11.78) /10.55 (55- day EMA)/10.90 (50- day MA). Short-term support is seen at 9.15 (Oct 30 th 2016 high) and any violation below targets 8.75 (61.8% retracement of 7.80 and 10.30)/7.80 (Oct 29th low).