ETH/USD hit a fresh low of 7.29 levels on Monday and is currently trading at this level (Kraken).

Long-term trend: Bearish

Short-term trend: Bearish

Ichimoku analysis (Daily chart):

Tenkan-Sen: 8.44

Kijun-Sen: 9.11

Trend reversal: 9.12 (21-day MA)

On the topside, the pair now faces resistance at 7.87 (5-EMA) and a break above would target 8 (trend line joining 12.30 and 8.67)/ 8.43 (38.2% retracement of 10.30 and 7.29).

On the reverse side, the pair is likely to find support at 7.00 (August 02 low) and a break below would drag it to 6 (113% retracement of 7 and 14.45)/ 4.97.