ETH/EUR is seen trading below in red on Monday. The pair has recovered sharply after making a low of $7.95 levels (KRAKEN). It is currently trading at 10.206 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 12.00

Kijun-Sen level: 11.32

Trend reversal level - (90 4H MA)- 10.74

Long-term trend remains to be bullish. In a daily chart, ETH/EUR is facing strong support at 8.61. So the pair should close below 8.60 for further weakness till 6.30. The pair has recovered till 10.74 (90 days EMA) and any slight bullishness can be seen only above that level.

Major resistance is seen at 10.74 (90 days EMA) and any break above that level will take the pair till 11.25 (7 days EMA)/12.Short-term support can be noticed at 8.60 (200 day MA) and any violation below will drag the pair till 7.95/6.30 (Apr 28th low).