ETH/EUR is seen trading slightly below on Wednesday and the pair has declined sharply after making high around 19.62 on Mar 3rd, 2017 (KRAKEN). Short term trend is extremely bullish as long as support 16.30 (23.6% retracement of 5.58 and 19.62) holds. It is currently trading around 17.05 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 16.13

Kijun-Sen level: 14.74

Minor trend reversal level- 19.08 (Jun 17th, 2016 high)

Major Trend reversal level - (89 day EMA) – 11.77

Long-term trend remains to be bullish. ETH/EUR downside is capped by 23.6% fibo and any close below confirm minor bearishness.

The minor resistance is around 17.91 (50% retracement of 19.62 and 16.33) and any break above targets 19/19.81 (161.8% retracement of 14.38 and 5.58)/ 21.10 (113% retracement of 19.08 and 5.58). Short term support is seen at 16.30 (23.6% retracement of 5.58 and 19.62) and any break below will drag the pair till 14.97 (21- day EMA).