ETH/USD hit a low of 10.22 levels on Wednesday and is currently trading slightly above at 10.62 levels at the time of writing (Kraken).

Short-term trend: Bearish

Long-term trend: Bearish

Ichimoku analysis (Daily chart):

Tenkan-Sen: 10.72

Kijun-Sen: 11.06

Trend reversal: 11.98 (100-day MA)

15-day MA (10.99) is acting as a major resistance for the pair. Any violation of this level would make the way for the pair to test 11.24 (November 05 high)/12 (October 31 high).

On the flipside, support is seen at 10.28 (61.8% retracement of 9.23 and 12) and any violation would further weaken it to 9.82 (78.6% retracement of 9.23 and 12)/ 9.23 (Oct 29 low).