ETH/EUR pair formed a temporary top around 49.48 on Mar 29th 2017 high and is consolidating almost a month from that level (KRAKEN). It is currently trading around 47.69 at press time.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 45.54

Kijun-Sen level: 43.64

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

Long-term trend remains to be bullish. ETH/EUR faces major resistance at 49.50 and any break above targets 56.30.

The major resistance is around 49.48 (Mar 29th 2017 high) and any break above targets 56.32 (161.8%T retracement of 49.48 and 38.40). Short term support is seen at 44 (21- day EMA) and any break below will drag the pair till 41.37 (23.6% retracement of 49.48 and 38.40)/ 38.40 (Apr 4th low)/35 (Mar 22nd low).