ETH/USD failed to break above 38.2% resistance and traded in the red on Friday. It is currently trading at 8.07 levels (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 8.86

Kijun-Sen: 9.51

Trend reversal: 10.89 (90 EMA)

On the topside, the pair faces immediate resistance at 8.75 levels (38.2% retracement of 10.30 and 7.80) and a consistent break above would see it testing 9.05/9.47 (21-day MA).

On the reverse side, the pair is likely to find support at 7.80 (November 29 low) and a break below would confirm further bearishness in the pair. A breach of 7.80 level would see it testing 7.51 (161.8% retracement of 9.23 and 12)/ 7.00 (August 02 low).