ETH/USD once again failed to break above 21-day MA and declined till 7.50 levels on Thursday. It is currently trading at 7.57 levels at the time of writing (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 8.01

Kijun-Sen: 7.72

Trend reversal: 9.82 (90-EMA)

On the topside, the pair faces resistance at 7.93 (21-day MA) and a break above would target 8.36 (61.8% retracement of 8.89 and 7.50)/8.60.

On the flip side, 7.50 (December 17 low) continues to act as a major support for the pair. The overall trend remains bearish and any violation of 7.50 levels would see it testing 7 (trend line joining 12.30 and 8.67 and August 02 low). A break below this level would further open the way for a decline till 5.92 (December 06 low).