ETH/EUR is seen trading well above on Tuesday. The pair has recovered sharply and trades slightly above 10- day MA (KRAKEN). It is currently trading around 9.419 at press time.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 9.27

Kijun-Sen level: 9.23

Trend reversal level - (100 day MA) – 10.49

Long-term trend remains to be bearish. ETH/EUR upside capped by 21- day EMA and any break above 9.50 will take the pair to next level till 10.08.

The major resistance is around 9.49 (21- day MA) and any violation above targets 10.08 (55- day EMA)/10.50 (100- day MA). Short term support is seen at 8.75 (61.8% retracement of 7.80 and 10.30) and any break below targets 7.80 (Oct 29th low).