ETH/EUR is seen trading above on Wednesday after making a plunge. The pair has declined till 6.52 yesterday and slightly recovered from that level (KRAKEN). It is currently trading at 8.18 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 9.54

Kijun-Sen level: 10.13

Trend reversal level - (200 day MA) – 8.69

Long-term trend remains to be bearish. In a daily chart, ETH/EUR jumps till 8.64 at the time of writing and started to decline from that level. So the pair should close above 200 days MA for slight bullishness.

Major resistance is seen at 8.69 (200 day MA) and any break above that level will take the pair till 9.54 (daily Tenken –Sen)/ 10.05 (7 days EMA). Short-term support can be noticed at 6.50 (200 day MA) and any violation below will drag the pair till 5.30 (161.8% retracement of 8.55 and 13.74).