ETH/USD is trying to recover its losses on Wednesday after hitting a low of 7.80 levels (November 29). It has hit 8.68 levels so far in the day and is currently trading at 8.35 levels at the time of writing (Kraken).

Long-term: Bearish

Short-term: Bearish

Ichimoku analysis (Daily chart):

Tenkan-Sen: 9.05

Kijun-Sen: 9.52

Trend reversal: 11 (90 EMA)

On the topside, the pair faces immediate resistance at 8.75 levels (38.2% retracement of 10.30 and 7.80) and a consistent break above would see it testing 9.13 (10-EMA)/9.56 (21-day MA).

On the flipside, the pair is likely to find support at 7.80 levels (November 29 l0w) and a break below would target 7.51 (161.8% retracement of 9.23 and 12)/ 7.00 (August 02 low).