ETH/EUR is seen trading low in red on Friday. The pair has once again retreated after jumping till 9.50 levels (KRAKEN). It is currently trading around 9.06 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 9.37

Kijun-Sen level: 9.45

Trend reversal level - (100 day MA) – 10.56

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

The major resistance is around 9.36 (21- day MA) and any violation above targets 10.29 (55- day EMA)/10.58 (100- day MA). 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).