ETH/EUR pair has shown a good recovery after making a low of 193 levels (KRAKEN). ETH/EUR jumped till 258 at the time of writing and is currently trading around 258 at press time.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 265.47

Kijun-Sen level: 289

Minor Trend reversal level - (89 EMA) – 170

Long-term trend remains to be bullish. ETH/EUR downside capped by 89 –EMA in daily chart and any break below confirms bearish continuation.

The major resistance is around 277 (21 EMA) and any break above targets 313 (61.8% retracement of 385 and 380 (100% projection from 221 to 320.55 till 281.50) /437 (161.8% projection of 113 to 246.70 till 221). Short term support is seen at 200 and any break below will drag the pair till 170/115.

It is good to buy on dips around 225-230 with SL around 190 for the TP of 280/310.