ETH/USD has recovered sharply after making a low of $9.20.It is currently trading around $11.42 (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen $13.36

Kijun-Sen $12.49

Trend reversal - $11.94

“In daily chart the pair is facing strong support at $9.63 (200 day MA). So a major trend reversal can be seen below this level”, FxWirePro said in a statement.

Long-term trend appears bullish for the pair and major resistance is seen around $12.55 (7 day EMA) and any break above targets $12.96 (61.8% retracement of $15.23 and 9.20)/$13.43 (Jul 27 high). However, short-term trend seems to be bearish and support is likely to be found at $9.60 (200 day EMA) and any weakness below this level will see the pair testing $8.43 (May 3 low)/$7 (Apr 13 low).