ETH/USD fell to 43.60 levels on Monday before slightly restoring its strength to above 20-DMA. It is currently trading at 45 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 49.28

Kijun-Sen: 35.26

On the upside, resistance is seen at 47.94 (38.2% retracement of 54.97 and 43.60) and a break above would target 49.90 (10-DMA)/51.90 (March 17 high). A close above 10-DMA would confirm bullishness in the pair.

Momentum studies have turned bearish: the MACD line is below the signal line; RSI and stochs have rolled over from overbought zones.

The pair is currently holding the 43.39 (23.6% retracement of 5.92 and 54.97) support. A close below 45.84 (20-DMA) is expected to see further downside targeting 43.39/41.99 (1W 5-SMA).

In the weekly charts, a shooting star formation could be seen, which along with momentum studies, suggests further downside possibility. A break below 42 levels would target 37.60 (March 22 low).