ETH/USD has declined sharply till $7 yesterday and jumped from that level. It is currently trading around $9.16 (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen $10.44

Kijun-Sen $11.11

Trend reversal - $9.76

“In daily chart the pair has taken support at $7 (Apr 13 low) and recovered till $9.55 at the time of writing. So further weakness will happen below $7 level”, FxWirePro said in a statement.

Both long- and short-term trend appear bearish. The pair is likely to run into resistance at $9.76 (200 day MA) and any break above targets $10.44 (daily Tenkan-Sen)/$11.25 (7 day EMA). On the reverse side, support is likely to be found at $7 (200 day EMA) and close below targets $5.42 (161.8% retracement of $9.30 and $15.23).