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ETH/USD rose further north on Wednesday on the back of newly found momentum and seems to be moving closer to the levels seen before the DAO hack.
Erik Voorhees, CEO of ShapeShift, said in a tweet:
Regardless of what happens with @The_DAO_Project, the fiasco has drawn immense critique upon #Ethereum security, which will thus improve.
— Erik Voorhees (@ErikVoorhees) June 21, 2016
The pair has hit a high of $16.08 levels (Kraken) so far in the day and is currently trading at $14.87 levels, at the time of writing.
Ichimoku analysis (4 H chart):
Tenkan-Sen level: $13.59
Kijun-Sen level: $13.09
Trend reversal level - (90 4H EMA)-$14.41
Long-term trend remains bullish and the pair faces major resistance at $16.08 and any break above that level will take the pair till $17.18 (61.8% retracement of $21.48 and $10.10)/$18. On the reverse side, short-term support is seen at $13.58 (7 4H EMA) and any violation below will drag the pair till $13/$12.38 (61.8% retracement of $10.10 and $16.08).
“The pair has broken major resistance at $14.40 (90 4H EMA). In 4hour chart ETH/USD is trading well above 200 4H MA, so a jump till $17.18 is possible”, FxWirePro said in a statement.
