ETH/EUR is seen trading slightly above on Wednesday after the plunge. The pair has retreated sharply after making a high of 11.09 levels (KRAKEN). It is currently trading around 10.8 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 11.25

Kijun-Sen level: 11.66

Trend reversal level - (100 days MA) – 10.67

Long-term trend remains to be bullish. ETH/EUR faces strong resistance at 55- day EMA and struggles to break above that level. Any further bullishness is seen only above that level.

Minor resistance is around11.09 (55- day EMA) any break above targets 11.57 (21- day MA)/11.90 (61.8% retracement of 12.92 and 10.40) ). Short term support is seen at 10.50 (200- day MA) and any break below will drag the pair till 10.08/9.50.