ETH/USD hit a fresh low of 7.80 levels on Tuesday and is trading at 7.96 levels at the time of writing (Kraken).

Long-term: Bearish

Short-term: Bearish

Ichimoku analysis (Daily chart):

Tenkan-Sen: 9.37

Kijun-Sen: 9.84

Trend reversal: 11.07 (90 EMA)

On the topside, the pair faces immediate resistance at 9.35 levels (10-EMA) and a break above would target 9.80 (21-day MA)/ 10.30 (November 22 high).

On the flipside, the pair has broken below major support at 8.38 levels (trend line joining 12.30 and 8.67) and hit a fresh low of 7.80 levels. It is now targeting 7.51 (161.8% retracement of 9.23 and 12)/ 7.00 (August 02 low).