ETH/USD hit 8.89 levels on Thursday, but failed to hold its strength above 21-DMA and declined. It is currently trading at 8.20 levels (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 7.40

Kijun-Sen: 8.14

Trend reversal: 10.43 (90-EMA)

On the topside, the pair faces strong resistance at 8.69 (21-day MA) and must break above 8.89 levels (December 08 high) for further upside, which would see it testing 9.36 (78.6% retracement of 10.30 and 5.92). Minor bullishness in the pair could be seen only if it breaks above 9.75 levels (trend line joining 14.45 and 12).

On the reverse side, the pair has taken support at 7.96 (7-EMA) and a break below 7.80 (trend line joining 12.30 and 8.67) would drag it to 7.40 (50% retracement of 5.92 and 8.89)/7 (August 02 low).