ETH/USD restored its strength to above 90 levels on Wednesday, after it plunged to 77.76 levels on May 09. It is currently trading at 91 levels at press time (Bitfinex).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 89.73

Kijun-Sen: 73.35

On the upside, the pair faces strong resistance at 91.97 (5-DMA) and a break above would see the pair testing 98 (May 07 high)/ 101.70 (May 05 high).

On the 2-hour chart, the pair is currently hovering around 91.53 (50-SMA) and a close above will see further upside. On the 1-hour chart, the pair has broken above the Ichimoku cloud and holding above that level. Traders are preferred to wait for a confirmed signal on daily charts.

On the downside, the pair is likely to find support at 87.89 (2h 100-EMA) and a break below would drag it to 83 (50% retracement of 66 and 101.70)/77.76 (May 09 low).