ETH/USD is showing a dip after hitting 13.50 levels on Tuesday. It is currently trading at 13.24 levels (Kraken).

Long-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 13.10

Kijun Sen: 12.92

Trend reversal: 12.17 (90 EMA)

“The pair’s upside is being capped by 13.62 (61.8% retracement of 14.45 and 12.30), and the pair must break above this level for further bullishness”, FxWirePro said in a statement.

On the upside, the pair is facing strong resistance at 13.50 levels (October 04 high) and a break above would target 13.62 (61.8% retracement of 14.45 and 12.30) 14.45 levels (September 20 high)/15.23 (July 22 high).

On the other hand, the pair is likely to find support near 13.16 (10-DMA) and a break below would see the pair testing 13.00 levels. Further weakness would drag it to 12.50 (psychological level).