ETH/USD is soaring upwards on the back of newly found momentum. The pair hit a high of 14.00 levels on Tuesday and is currently trading at 13.91 levels at the time of writing (Kraken).

Long-term trend: Bullish

Short-term trend: Bullish

Ichimoku analysis of daily chart:

Tenkan Sen: 12.44

Kijun Sen: 12.04

Trend reversal: 11.73 (90 EMA)

“The pair has broken major trend line resistance at $13.77 (trend line joining $16.08 and $15.23). So a further jump till $16 is possible”, FxWirePro said in a statement.

ETH/USD now faces major resistance at 15.23 levels (July 22 high) and a break above would target 16.08 (June 22 high)/16.31 (113% retracement of 15.23 and 7).

On the downside, support is seen at 12.43 (9 EMA) and a break below would drag the pair to 12.18 (100 DMA) /11.73 (90 EMA)