ETH/USD has somewhat reversed its downtrend, hit 11.38 levels on August 20 and continues to hover around this level.

Ichimoku analysis of daily chart (Kraken):

Tenkan Sen: 11.23

Kijun Sen: 10.21

Trend reversal: 11.65 (90 EMA)

“The pair has taken support near 200-day MA and has rebounded from that level. It is currently trading at 11.24 levels. It should close above 11.65 levels (90 EMA) for further upside”, FxWirePro said in a statement.

On the topside, ETH/USD faces major resistance at 11.65 levels (90 EMA) and a break above would see the pair rising to 12.56 (100-day MA)/13.00 (127.2% retracement of 12.49 and 10.65). On the flipside, 10.59 levels (200-day MA) is providing a strong support to the pair and any weakness below this level will drag the pair to 9.10 (61.8% retracement of 7 and 12.49)/7.00 (August 2 low).