ETH/EUR is seen trading well below in red on Thursday. The pair has declined sharply after showing slight jump above 8 levels (KRAKEN). It is currently trading around 7.541 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 6.96

Kijun-Sen level: 7.61

Trend reversal level - (100 days MA) – 10.03

Long-term trend remains to be bearish. ETH/EUR trades slightly below 7.86 (21- day MA) and this confirms minor bearishness a decline till 6.65 is possible.

The major resistance is around 8.35 (Dec 8th high) any break above targets 8.95 (55- day EMA)/9.25. Short-term support is seen at 7.60 (daily Kijun -Sen) and any break below targets 6.96 (daily Tenken-Sen)/6.62 (61.8% retracement of 5.58 and 8.33)/5.58.