ETH/USD is seen trading above on Wednesday. The pair has slightly recovered after making a low of $11.50 levels (KRAKEN).It is currently trading around $12.40 at the time of writing.

Ichimoku analysis of daily chart shows:

Tenkan-Sen $13.08

Kijun-Sen $12.27

Trend reversal - $11.71

Long-term and short-term trend remains to be bullish. In daily chart the pair is trading slightly well above 55 day EMA. So a slight jump till $13.08/$13.86 (61.8% retracement of $15.23 and $11.50).

Major resistance is seen at $13.08 (daily Tenken-Sen) and any break above targets $13.86 (61.8% retracement of $15.23 and $11.50)/$15. Major support can be noticed at $11.79 (21 day MA) and break below targets  $11.50/$10.09 (Jul 11th low).