ETH/USD continued moving south on Tuesday and has hit a low of 41.18 levels so far in the day. It is currently trading at 41 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 48

Kijun-Sen: 35.43

Momentum studies remain bearish: RSI is weak at 51, bias lower; MACD line is below the signal line; and the pair has broken below major support of 20-DMA.

On the upside, resistance is seen at 42.06 (78.6% extension of 5.92 and 51.90 rally) and a break above would see the pair testing 46 (20-DMA)/48.83 (10-DMA).

The pair is currently hovering around 41.18 (1w 5-SMA) and further weakness would drag it to 37.60 (March 22 low)/34.33 (38.2% retracement of 5.92 and 51.90).