ETH/EUR is seen trading slightly above on Wednesday after showing a plunge. The pair slightly jumped till 8.22 after making a low of 7.28 yesterday (KRAKEN). It is currently trading around 7.94 at the time of writing.

Ichimoku analysis of daily chart indicates:

Tenkan-Sen level: 8.46

Kijun-Sen level: 8.65

Trend reversal level - (100 days MA) – 10.43

Long-term trend remains to be bearish. ETH/EUR upside capped by 10 –day MA and any break above confirms minor bullishness, a jump till 9.05 (21- day MA) is possible.

The minor resistance is around 8.42 (10- day MA) and any break above targets 8.65 (daily Kijun-Sen)/9.05 (21- day MA). Short term support is seen at 7.09 (127.2% retracement of 7.80 and 10.30) and any break below targets 6.52(Aug 2nd 2016 low).