ETH/USD is continuing its rangebound trade on Wednesday as well, with its upside capped by 7-EMA. It is currently trading at 7.19 levels (Kraken).

Long-term trend: Bearish

Short-term trend: Bearish

Ichimoku analysis (Daily chart):

Tenkan-Sen: 7.49

Kijun-Sen: 7.40

Trend reversal: 9.50 (90-EMA)

the pair is facing strong resistance at 7.34 levels (7-EMA) and a break above would target 7.50 levels (psychological) /7.82 (21-day MA).

On the flip side, the pair continues to take support near the 7.00 level and any violation would drag it to 6.70 (trend line joining 12.30 and 8.67)/6.55 (78.6% retracement of 5.92 and 8.89)/ 5.92 (December 06 low).