ETH/USD soared higher on new found strength on Thursday and hit a fresh 8-month high of 18.36 levels (Kraken). It is currently trading at 18.07 levels at press time.

Ichimoku analysis (Daily chart):

Tenkan-Sen: 14.76

Kijun-Sen: 13.89

Today, Ethereum founder Vitalik Buterin published a blog post “Minimal Slashing Conditions”, which he describes as “a key component of a Byzantine-fault-tolerant, safe-under-asynchony and cryptoeconomically safe consensus algorithm” that is at the core of his proof of stake roadmap. In the post, Buterin provides further details on what this algorithm is, what its significance is, and how it generally fits into proof of stake research.

Overall bias remains bullish. On the upside, resistance is facing resistance at 18.38 levels (78.6% retracement of 21.48 and 7) and a close above would target 19 (psychological)/19.71 (88.6% retracement of 21.48 and 5.92).

Support is seen at 17.77 (127.2% retracement of 15.23 and 5.92) and a break below could see a dip till 17.40 (113% retracement of 16.08 and 5.92 )/17.