ETH/USD is trading in a narrow range on Wednesday, between 10.80 and 11.18 levels. The pair has taken support near 200-day MA and is currently trading at 11.14 levels, at the time of writing (Kraken).

Ichimoku analysis of daily chart:

Tenkan Sen: 11.08

Kijun Sen: 9.94

Trend reversal: 11.62 (90 EMA)

“The pair has fallen to 10.80 levels, after hitting 11.38 levels (Aug 20 high). ETH/USD should close above 90 EMA for further upward trend”, FxWirePro said in a statement.

On the topside, the pair faces major resistance at 11.62 (90 EMA) and a break above would see the pair testing 12.59 (100-day MA)/13.63 (161.8% retracement of 12.49 and 10.67). On the downside, 200-day MA (10.68 levels) is providing strong support to the pair. A consistent break below this major trend line will see the pair plunging to 9.10 (61.8% retracement of 7 and 12.49)/7.00 (August 2 low).