ETH/USD has been soaring higher with recent reports suggesting the formation of Enterprise Ethereum Alliance. The pair broke above the 16.00 mark earlier in the day and continues to hover around this level at press time (Kraken).

Ichimoku analysis (Daily chart):

Tenkan-Sen: 13.98

Kijun-Sen: 13.11

Overall trend appears extremely bullish. On the upside, a consistent break above 16.08 (22 June 2016 high) would target 16.45 (113% retracement of 15.23 and 5.92). Further strength would see it testing 16.77 (127.2% retracement of 14.45 and 5.92)/ 17.

Support is seen at 15.47 (1H 10-SMA) and a break below would see the pair falling to 15.04 (1H 20-SMA). Further weakness would drag it to 14.74 (23.6% retracement of 10.48 and 16.05)/14.30 (trend line joining 11.63 and 13.58).