ETH/EUR pair formed a temporary top around 87.98 and shown huge correction after hitting a fresh life time high (KRAKEN). Minor term trend is bullish as long as support 61.35 holds. It is currently trading around 87.02 at the time of writing.
Ichimoku analysis of daily chart indicates:
Tenkan-Sen level: 74.24
Kijun-Sen level: 64.39
Minor Trend reversal level - (May 1st low) – 61.25
The long-term trend remains to be bullish. ETH/EUR downside is capped by 38.2% fibo at 69 and any break below will drag the pair down till 61.25.
The major resistance is around 90.91 (100% projection of 44 and 73.66 to 61.25) and any break above targets 94.63/100. Short term support is seen at 69 (38% retracement of 38.40 and 87.98) and any break below will drag the pair till 64.43 (21 EMA)/61.25 (May 1st low).
