ETH/EUR is seen trading above on Wednesday. The pair has recovered sharply after making a low of 8.55 levels (KRAKEN) yesterday. It is currently trading at 10.01 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 10.77

Kijun-Sen level: 13.81

Trend reversal level - (90 4H MA) – 10.61

Long-term trend remains to be bullish. The short-term trend seems bearish. ETH/EUR has jumped till 10.37 and slightly declined from that level.  The pair should break above 10.64 (7 days EMA) for further bullishness. 

Major resistance can be noticed at 10.64 (7 days EMA) and any break above that level will take the pair till 11.43 (21 days EMA)/12.17 (61.8% retracement of 14.38 and 8.55). Short term support is seen at 8.56 (May 14th low) and any violation below will drag the pair till 8 (May 6th low)/7.44 (200 day MA).