ETH/USD hit a high of 12.59 levels on Tuesday after being in limbo for past couple of days. It is now hovering around 21-day MA at the time of writing (Kraken).

Ichimoku analysis of daily chart:

Tenkan Sen: 11.99

Kijun Sen: 12.62

Trend reversal: 12.17 (90 EMA)

The Ethereum network will be undergoing a hard fork at block number 2463000, which will likely occur today between 12:00 and 13:00 UTC. The pair has soared upwards as the Ethereum Network is inching closer to the hard fork and is trading slightly above 21-day MA at 12.59 levels. A consistent break above would target 12.77 levels (61.8% retracement of 13.50 and 11.60)/ 13.50 (October 04 high).

On the downside, support is seen at 11.92 (100-day MA) and a break below would weaken the pair to 11.74 (200-day MA)/11.60 levels (October 10 low).