ETH/USD has broken below major support at 7.50 levels and is currently trading at 7.15 levels at the time of writing (Kraken).

Long-term trend: Bearish

Short-term trend: Bearish

Ichimoku analysis (Daily chart):

Tenkan-Sen: 8.01

Kijun-Sen: 7.72

Trend reversal: 9.82 (90-EMA)

On the topside, the pair faces resistance at 7.89 (21-day MA) and a break above would target 8.36 (61.8% retracement of 8.89 and 7.50)/8.60.

On the flip side, the pair is likely to find support at 7 (trend line joining 12.30 and 8.67 and August 02 low) and a break below would drag it to 6.55 (78.6% retracement of 5.92 and 8.89)/5.92 (December 06 low).