ETH/EUR is seen slightly recovering on Wednesday from the plunge. The pair has slightly recovered after making a low of 9.710 levels (KRAKEN). It is currently trading at 9.96 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 10.50

Kijun-Sen level: 10.13

Trend reversal level - (90 days EMA) – 10.53

Long-term trend remains to be bearish. In a daily chart, ETH/EUR faces strong support at 200 days MA. So a break below targets 6.55.

Major resistance can be noticed at 10.29 (21 day MA) and any break above that level will take the pair till 10.67 (55 days EMA)/11.30 (38.2% retracement of 13.75 and 6.52). Short term support is seen at 9.28 (200 day MA) and any violation below will drag the pair till 7.52 (78.6% retracement of 6.52 and 11.30)/6.52 (Aug 2nd low).