ETH/EUR pair has recovered sharply after declining till 38.40 yesterday (KRAKEN). It is currently trading around 39.60 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 43.94

Kijun-Sen level: 32.81

Major Trend reversal level - (Mar 18th, 2017 low) – 28

Long-term trend remains to be bullish. ETH/EUR major support is around 35 and any break below confirm further weakness.

The major resistance is around 43.94 (daily Tenken-Sen) and any break above targets 49.48 (Mar 29th, 2017 high)/ 52.91 (138.2% retracement of 49.48 and 40.50). Short term support is seen at 38 and any break below will drag the pair till 35 (Mar 22nd low)/28 (Mar 18th low).