ETH/EUR is seen trading slightly above on Wednesday after the plunge. The pair has slightly recovered after making a low of 9.60 yesterday (KRAKEN). It is currently trading at 9.850 at the time of writing.

Ichimoku analysis of 4-hour chart shows:

Tenkan-Sen level: 9.78

Kijun-Sen level: 9.85

Trend reversal level - (90 4H EMA) – 10.02

Long-term trend remains to be bearish. ETH/EUR faces strong resistance at 10.125 (38.2% retracement of 11.30 and 9.40).  So a close above confirms minor bullishness.

Major resistance is seen at 10.125 and any break above that level will take the pair till 10.50 (200 4H MA)/11.30 (38.2% retracement of 13.75 and 6.52). ETHEUR should break above 11.30 for major trend reversal. Short-term support can be noticed at 9.40 (Aug 19th low) and any violation below will drag the pair till 7.52 (78.6% retracement of 6.52 and 11.30)/6.52 (Aug 2nd low).