ETH/USD reversed its downtrend after hitting a low of 11.60 levels on Monday. The pair hit 12.23 levels so far in the day and is currently trading at 11.92 levels (Kraken).

Ichimoku analysis of daily chart:

Tenkan Sen: 12.55

Kijun Sen: 13.02

Trend reversal: 12.21 (90 EMA)

“The pair has taken support near 200-day MA and has retreated after facing resistance at 90-EMA. It must break above 12.21 levels for further upside”, FxWirePro said in a statement.

Major resistance is seen at 12.21 (90 EMA) and a break above would see the pair testing 12.80 (10-DMA)/ 13.06 (21-DMA)/13.50 (October 4 high).

The pair has taken support at 11.72 (200-DMA) and any violation would drag it to 11.60 (October 10 low)/11.00/10.65 (August 19 low).