ETH/USD continued its downtrend on Tuesday, seen from the past few days. It fell to a low of $9.46 levels before recovering slightly to $10.07 levels where it currently trades (Kraken).

Ichimoku analysis of daily chart shows:

Tenkan-Sen: $11.89

Kijun-Sen: $15.47

ETH/USD faces immediate resistance at $10.98 (23.6% retracement of $16.08 and $9.46), and a break above will see the pair testing $11.92 (90 day EMA)/$12.49 (10 EMA).

On the flip side, support is seen at $8.97 (May 8th low) and a break below will drag the pair to $8.15 (200 day MA)/$7 (April 13 low). Short-term trend remains bearish for the pair.

“The pair has failed to break above 90 EMA and has fallen sharply. A dip till $7 is likely”, FxWirePro said in a statement.