ETH/USD traded strongly on Tuesday and broke above 7-EMA. It is currently trading at 10.25 levels (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 9.88

Kijun-Sen: 10.61

Trend reversal: 11.36 (90 EMA)

On the topside, the pair now faces strong resistance at 10.34 (21-day)  and a break above would see the pair soaring to 10.60 (61.8% retracement of 11.24 and 9.56)/ 11.06 (55-EMA). However, bullishness in the pair could be confirmed only if it breaks above 12.00 (October 31 high).

On the flipside, the pair has taken support near 9.50 levels and a break below would target 9.23 (Oct 29 low)/8.86 (113% retracement of 9.23 and 12).

The surge in Ethereum price comes at the time of the Spurious Dragon hard fork. The new rules will be activated at block number 2,675,000. In a recent update, Ethereum said that block 2675000 is likely to occur Tuesday evening (CET).