ETH/EUR is seen struggling to trade above on Friday. The pair has slightly recovered after making a low of 9.40 levels yesterday (KRAKEN). It is currently trading at 9.65 at the time of writing.

Ichimoku analysis 4-hour chart shows:

Tenkan-Sen level: 9.61

Kijun-Sen level: 9.83

Trend reversal level - (90 days EMA) – 10.14

Long-term trend remains to be bearish. In a daily chart, ETH/EUR faces strong resistance at 21-4H MA around 9.76. So a close above confirms minor bullishness.

Major resistance can be noticed at 9.76 (21 4H MA) and any break above that level will take the pair till 10.14 (90 days EMA)/10.65 (200 days MA)/11.30 (38.2% retracement of 13.75 and 6.52). ETHEUR should break above 11.30 for a major trend reversal. Short term support is seen at 9.35 (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).