ETH/EUR is seen trading slightly low in red on Wednesday. The pair is trading in narrow range between 7.08 and 6.72 for the past four trading session. It is currently trading around 6.86 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 7.22

Kijun-Sen level: 6.96

Minor trend reversal level- 7.39 (21- day EMA)

Major Trend reversal level - (100 day MA) – 9.58

Long-term trend remains to be bearish. ETH/EUR is struggling to close above daily Kijun-Sen and slight jump can be seen above that level.

The major resistance is around 7.15 (10 day MA) any break above targets 7.39 (21- day EMA)/ 7.74 (61.8% retracement of 8.33 and 6.72)/ 8.35 (Dec 8th high)/ 8.54 (55- day EMA). Short-term support is seen at 6.96 (Daily Kijun-Sen) and any break below will drag the pair till 6.62 (61.8% retracement of 5.58 and 8.33)/5.58.