ETH/EUR is see trading well above on Wednesday and the pair has declined once again after jumping till 41.79 (KRAKEN). It is currently trading around 37.20 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 33.77

Kijun-Sen level: 29.57

Major Trend reversal level - (daily Kijun-Sen) – 29.57

Long-term trend remains to be bullish. ETH/EUR faces strong resistance around 42 and any break above will take the pair till 47.

The major resistance is around 42 and any break above targets 45.32 (88.6% retracement of 47 and 47. Short term support is seen at 35.85 (7- day MA) and any break below will drag the pair till 34.83 (38.2% retracement of 15.15 and 47)/31.07 (50% retracement of 15.15 and 47)/32.95 (Hourly Kijun-Sen).