ETH/USD continues to trade in the red on Wednesday as it faces strong resistance at 200-DMA. It is currently trading at 10.43 levels at press time (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 10.39

Kijun-Sen: 9.79

On the upside, the pair is facing strong resistance at 10.78 levels (200-DMA)  and a break above would target 11.19 (January 23 high)/ 11.63 (January 05 high).

Momentum studies suggest further bearish trend in the pair: bearish crossover of MACD; RSI(14) is at 57 but bias lower.

On the flip side, the pair has broken below 10.50 levels (trend line joining 7.94 and 9.16) and next support level is now seen at 10.26 (21-DMA). Further weakness would target 9.93 (61.8% retracement of 9.16 and 11.19)/9.69 (90 EMA).