ETH/USD is trying to trade in the positive on Wednesday, continuing its upward from yesterday. It is currently trading at 11.21 levels at the time of writing (Kraken).

Ichimoku analysis of daily chart:

Tenkan Sen: 11.10

Kijun Sen: 11.41

Trend reversal: 11.56 (90 EMA)

“The pair has bounced back after hitting 10.83 levels and succeeded to close above 21-day MA on Tuesday. It should close above 90 EMA for further upside”, FxWirePro said in a statement.

On the upside, major resistance is seen at 11.56 (90 EMA) and break above would see a further jump till 12.44 (100-day MA)/ 13.64 (161.8% retracement of 12.49 and 10.65).

On the downside, the pair faces strong support at 10.93 (200 MA) and a break below would drag it to 9.10 (61.8% retracement of 7 and 12.49)/7.00 (August 2 low).