ETH/EUR is seen trading pair has recovered sharply till 41.40 after showing mild decline till 35.11 levels (KRAKEN) on 22nd Mar 2017. It is currently trading around 41.47 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 36.63

Kijun-Sen level: 29.82

Major Trend reversal level - (daily Kijun-Sen) – 29.63

Long-term trend remains to be bullish. ETH/EUR faces strong resistance at 42 and any break above confirms minor bullishness.

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 39.01 (5 –day MA) and any break below will drag the pair till 36.77 (10- day MA)/ 35.08 (50% retracement of 28 and 42.17)/31.17 (50% retracement of 5.58 and 47).