ETH/USD broke below the 6.00 mark on Tuesday and hit a 9-month low of 5.92 levels. However, it restored strength and closed 7.75 levels. It is currently trading at 7.33 levels at the time of writing (Kraken).

Long-term trend: Bearish

Short-term trend: Bearish

Ichimoku analysis (Daily chart):

Tenkan-Sen: 7.48

Kijun-Sen: 8.26

Trend reversal: 8.85 (21-day MA)

The pair’s upside is being capped by 7.98 levels (10-EMA) and a break above would see it testing 8.11 (50% retracement of 10.30 and 5.92)/8.62/8.85 (21-DMA).

On the reverse side, the pair is likely to find support at 7 (August 02 low) and any violation would drag it to 6 (113% retracement of 7 and 14.45)/ 5.92 (December 06 low)/ 5.62 (161.8% retracement of 9.30 and 15.23).