ETH/USD has retreated after making a high of 12.54 levels and is currently trading at 11.68 levels at the time of writing (Kraken).

Ichimoku analysis of daily chart:

Tenkan Sen: 11.69

Kijun Sen: 11.60

Trend reversal: 11.59 (90 EMA)

“The pair has failed to break above 100-day MA and declined. It is currently trying to sustain above 90 EMA and a consistent break above 12.50 would confirm further bullishness in the pair”, FxWirePro said in a statement.

Major resistance is seen at 12.41 (100-day MA) and a break above would take the pair to 13.47 (78.6% retracement of 15.23 and 7.00)/15.23 (July 22 high).

On the other hand, the pair has taken support near 11.59 (90 EMA) and a break below would target 11.10 (200-day MA)/10.00.