ETH/USD faces strong trend line resistance at 8.25, decisive break above to see further upside

ETH/USD has been attempting to break above the trend line resistance from the past couple of days. It is currently trading at 8.18 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 7.78

Kijun-Sen: 7.95

Trend reversal: 9.35 (90-EMA)

On the upside, the pair has been struggling to close above the major trend line joining 14.45 and 12 (8.25 levels). It has hit 8.56 levels (December 29) and a consistent break above this levels would see further upside in the pair. Breach of 8.56 would target 8.94 (161.8% retracement of 8.56 and 7.94)/9.35 (90-EMA).

On the flip side, 7-EMA (7.93 levels) is acting as a support for the pair and a break below would see it falling to 7.63 (10-DMA)/7.50.