The Ethereum community has decided to do a hard fork to undo the DAO theft. The countdown has begun and the hard fork will occur at block 1,920,000 on or around Wednesday, July 20th.

Leading cryptocurrency exchanges have outlined their course of action about this hard fork. Kraken has announced that ETH deposits and withdrawals will be disabled approximately 1 hour before the hard fork activates, while trading will continue as normal. In a similar move, Poloniex announced that it will be temporarily disabling deposits and withdrawals in preparation for the migration process and that trading will continue to operate as normal during this period.

ETH/USD has broken above 90 EMA and currently trades at 11.95 levels at the time of writing (Kraken).

Ichimoku analysis of daily chart:

Tenkan Sen: 11.39

Kijun Sen: 12.20

Trend reversal: 11.68 (90 EMA)

“ETH/USD is trading above 90 EMA and so a jump till 12.69 levels seems likely”, FxWirePro said in a statement.

Both short- and long-term trend remain bullish. The pair faces major resistance at 12.69 levels (July 15 high), and a break above will target 13.49 (61.8% retracement of 16.08 and 9.30)/14.85 (May 20 high). On the other hand, support is seen at 10.59 levels (61.8% retracement of 9.30 and 12.69) and any weakness below this level will drag the pair to 9.30 levels (July 5 low)/8.91 (200 MA).