ETH/EUR is seen trading slightly above on Monday. The pair has slightly recovered after making a low of 9.67 levels yesterday (KRAKEN). It is currently trading at 9.98 at the time of writing.

Ichimoku analysis of 4-hour chart shows:

Tenkan-Sen level: 9.89

Kijun-Sen level: 9.75

Trend reversal level - (90 4H EMA) – 10.03

Long-term trend remains to be bearish. In a daily chart, ETH/EUR faces strong resistance at 100- 4H MA around 10.11. So a close above confirms minor bullishness.

Major resistance can be noticed at 10.11 (100 4H MA) and any break above that level will take the pair till 10.59 (200 days MA)/11.30 (38.2% retracement of 13.75 and 6.52). ETH/EUR should break above 11.30 for a major trend reversal. Short-term support is seen at 9.40 (Aug 19th low) and any violation below will drag the pair till 7.52 (78.6% retracement of 6.52 and 11.30)/6.52 (Aug 2nd low).