ETH/EUR pair has formed a temporary top around 49.48 and started to decline from that level (KRAKEN). ETH/EUR declined till 40.50 at the time of writing and slightly recovered from that level. It is currently trading around 42.29 at press time.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 42.29

Kijun-Sen level: 32.32

Major Trend reversal level - (23.6% retracement of 15.15 and 48.73) – 40.75

Long-term trend remains to be bullish. ETH/EUR faces major support at 21- day EMA and any break below will confirm minor weakness.

The major resistance is around 46.20 (61.8% retracement of 49.48 and 40.50) and any break above targets 49.48 (Mar 29th, 2017 high)/ 52.91 (138.2% retracement of 49.48 and 40.50). Short term support is seen at 40.07 (21 days EMA) and any break below will drag the pair till 38.74 (50% retracement of 49.48 and 28)/35 (Mar 22nd low).