ETH/USD fails to hit 22, plunges to 16.41

Technical Template: CMP ($16.41) KRAKEN

Long term trend: Bullish

Ichimoku analysis (4 H chart):

Tenkan-Sen level: $17.34.

Kijun-Sen level: $15.60

Trend reversal level - (21 day MA)-$14.63

In daily chart  ETH/USD is trading well below 10 day EMA. So decline till $14.50 (61.8% retracement of $21.48 and $10.29)/ $13.75 is possible.

Major resistance – $17.34 (Daily Tenkan-Sen) and any break above that level will take the pair till $19.09 (61.8% retracement of $21.48 and $15.27/$20.92/$21.48.

Short term support – $15 and any violation below will drag the pair till $14.60/$13.70.