ETH/USD traded in the red on Wednesday and has broken a major support at $12.60 (Jun 23 low). It is currently trading at $11.91 levels (Kraken).

Ichimoku analysis (4-hour chart):

Tenkan-Sen level: $12.71

Kijun-Sen level: $13.06

Trend reversal level - (90 4H EMA)-$13.96

Long-term trend remains bullish for the pair and it faces major resistance at $12.55 (7 4H EMA) and any break above that level will take the pair till $13.06 (Hourly Kijun-Sen)/ $13.60 (21 4H MA). On the flipside, $11.33 (Jun 28 low) levels is likely to provide support to the pair and any violation below will drag the pair till $10.

“In 4-hour chart, ETH/USD is trading well below 21 4H MA .So dip till $10 is possible”, FxWirePro said in a statement.