ETH/EUR pair has formed almost a double top around 158 and declining from that level. ETH/EUR recovered slightly after hitting a low of 120 and a minor weakness below 120 level (KRAKEN). It is currently trading around 139.99 at press time.

Ichimoku analysis of 4-Hour Chart indicates:

Tenkan-Sen level: 138.93

Kijun-Sen level: 121.20

Minor Trend reversal level - (200 4H MA) – 75.25

Long-term trend remains to be bullish. ETH/EUR downside capped by 4H Kijun-Sen and any break below targets 101.80/98.30.

The major resistance is around 158 and any break above targets 181.25 (161.8% retracement of 157.85 and 120.18)/200. Short term support is seen at 121 (4H Kijun-Sen) and any break below will drag the pair till 101.80 (61.8% retracement of 67.25 and 157.85)/95.95 (100 4H EMA)/75 (200 – 4H MA).

It is good to sell below 120 with SL around 145 for the TP of 102/95.95/75.