Following the massive plunge in ether price caused by The DAO hack, ETH/USD is struggling to find its upward momentum. The pair has taken support near $10 and started to recover from that level. It is currently trading at $11.08 levels (Kraken) at the time of writing.

Ichimoku analysis (4 H chart):

Tenkan-Sen level: $11.95

Kijun-Sen level: $15.79

Trend reversal level - (90 4H EMA)-$15.04

The pair now faces major resistance at $12.18 (7 4H EMA) and any break above that level will take the pair till $12.79 (23.6% retracement of $21.48 and $10.10)/$14.06 (200 4H MA)/15.05. On the other hand, short term support is seen at $10 and any violation below will drag the pair till $8.83 (1.13% retracement of $10.29 and $21.48) /$7 (Apr 13 low). Long-term trend remains bullish.

“In 4hour chart ETH/USD has formed bullish divergence pattern. So a jump till $15 is possible”, said FxWirePro in a statement.

Vitalik Buterin, Founder of Ethereum, has proposed a solution to rescue funds from the hack – a software fork with no rollback, which will prevent the ether from being withdrawn by the attacker past the 27-day window.

Cryptocurrency enthusiasts seem to be divided on the issue. Coinbase CEO and co-founder Brian Armstrong tweeted:
 

James Lopp, BitGo engineer and creator of http://statoshi.info , tweeted: