ETH/EUR is seen trading below in red on Monday. The pair has recovered slightly after declining till 8.87 levels (KRAKEN). It is currently trading around 9:00 at press time.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 9.27

Kijun-Sen level: 9.29

Trend reversal level - (100 day MA) – 10.56

Long-term trend remains to be bearish. ETH/EUR upside capped by 7- day EMA and breaks major support 8.880 and this confirms major weakness, a decline till 7.80 is possible.

The major resistance is around 9.18 (21- day MA) and any violation above targets 9.41 (38.2% retracement of 10.30 and 8.87)/10.13 (55- day EMA). Short term support is seen at 8.75 (61.8% retracement of 7.80 and 10.30) and any break below targets 7.80 (Oct 29th low).