ETH/USD hit a high of 8.56 levels on Thursday and is currently trading at 8.38 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 7.78

Kijun-Sen: 7.40

Trend reversal: 9.43 (90-EMA)

On the upside, the pair is trying to break and hold its strength above the major trend line resistance (joining 14.45 and 12) at 8.40 levels. A consistent break above would now target 8.89 (December 08 high)/9.00 (psychological).

On the flip side, the pair is likely to find support near 7.96 levels (38.2% retracement of 7.01 and 8.56) and a break below would see it falling to 7.63 (7-EMA)/7.50.