ETH/USD broke below 10-DMA on Tuesday and is trading deep in the red at 79 levels at the time of writing (Bitfinex).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 86.62

Kijun-Sen: 89.73

On the upside, a close above 88.33 (10-DMA) would see the pair testing 90.16 (5-DMA)/101.70 (May 05 high). Further bullishness in the pair could be confirmed if it breaks above 89.59 (4h 50-SMA).

The pair has taken momentary support near 77.87 (4h cloud bottom). RSI and stochs have rolled over from overbought zone. MACD appears to be on the verge of a bearish crossover on daily charts.

It is good to go short around 84 levels (15-minute 20-SMA). On the daily chart, a break below 73.80 (20-DMA) would target 71.37 (50% retracement of 41 and 101.70)/66 (01 May low).