ETH/USD further weakened on Friday and moved closer to 200-day MA. It is currently trading at 10.71 levels at the time of writing (Kraken).
Ichimoku analysis (Daily chart)
Tenkan Sen: 11.60
Kijun Sen: 11.00
Trend reversal: 10.46 (200-day MA)
After failing to break above 100-day MA, the pair has fallen sharply to 10.71 levels. On the top side, it faces immediate resistance at 11.13 levels (50% retracement of 15.23 and 7) and a consistent break above will send the pair to 11.69 (90 EMA)/12.55 (100-day MA).
On the reverse side, the pair is likely to find strong support at 10.46 (200-day MA) and further weakness would drag the pair to 9.09 (61.8% retracement of 7 and 12.49)/7.00 (August 2 low).
