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ETH/USD moved further north on Monday, continuing its upward trajectory seen over the weekend. It currently trades at 16.50 levels (Kraken) at the time of writing.
Ichimoku analysis of the daily chart shows:
Tenkan-Sen level: $14.52
Kijun-Sen level: $13
Trend reversal level - (90 day EMA)-$10.75
The long term trend for the pair remains bullish. It has broken major resistance $15.17 (Mar 3 rd 2016 high) and jumped till $16.90 at the time of writing.
ETH/USD faces major resistance at $17 (round figure) and any break above that level will take the pair till 17.34 (1.270 retracement of $15.18 and $7)/$17.67. On the reverse side, the pair is likely to face short-term support at $14.50 (7day EMA) and weakness below this level will see the pair reaching $13.46 (21 day MA)/$13.The minor support is at $15.15 (resistance turned into support).
The upswing in Ether price comes at a time when Bitcoin is also consistently moving upwards. Commenting on the recent trend, Erik Voorhees, CEO of ShapeShift.io tweeted:
Bitcoin, Ethereum, and Litecoin all up 10% 24h. The digital asset industry is growing synergistically, not combatively. #finance #blockchain
— Erik Voorhees (@ErikVoorhees) June 12, 2016
