ETH/USD hit a fresh low of 8.60 levels on November 27 and continues to trade in the red on Monday at 8.78 levels (Kraken).

Long-term: Bearish

Short-term: Bearish

Ichimoku analysis (Daily chart):

Tenkan-Sen: 9.45

Kijun-Sen: 9.92

Trend reversal: 11.12 (90 EMA)

On the topside, the pair faces immediate resistance at 9.38 levels (7-EMA) and a break above would target 9.65 (61.8% retracement of 10.30 and 8.60)/9.91 (21-day MA).

On the flipside, support is seen at 8.60 (November 27 low) and a break below would drag it to 7.51 (161.8% retracement of 9.23 and 12)/ 7.00 (August 02 low).