ETH/USD has declined sharply after hitting 13.50 levels and has hit a fresh low of 12.65 levels, where it currently trades (Kraken).

Long-term trend: Bullish

Short-term trend: Bearish

Ichimoku analysis of daily chart:

Tenkan Sen: 13.16

Kijun Sen: 12.96

Trend reversal: 12.19 (90 EMA)

“The pair has broken below 21-DMA and is trading well below this level. The pair is also trading below both Tenkan Sen and Kijun Sen, suggesting short-term bearish trend in the pair. So, a dip till 12.50 is likely”, FxWirePro said in a statement.

On the upside, the pair now sees strong resistance at 13.13 levels (21-DMA) and a break above would see the pair testing 13.50 (October 04 high)/ 14.02 (161.8% retracement of 13.50 and 12.65).

On the other hand, the pair is likely to find support near 12.55 (78.6% retracement of 12.30 and 13.50) and a break below would target 12.30 (September 22 low)/ 12.19 (90 EMA).