ETH/USD is going steady once again, after falling to 16.12 levels on Tuesday (Kraken). On Wednesday, it opened at 18.84 levels and although it is trading in the red at the time of writing, it expected to move further north.

Ichimoku analysis (4 H chart):

Tenkan-Sen level: $17.71

Kijun-Sen level: $16.53

Trend reversal level - (21 day MA)-$16.45

ETH/USD made a new all-time high at $19.30 (June 14) and declined drastically from that level. It currently trades at 18.69 levels, after hitting a low of 18.30 levels, so far in the day.

The pair sees major resistance at 19.30 (yesterday high) and any break above that level will take the pair till 20.22 (1.618 % retracement of 15.18 and 7). On the reverse side, short-term support is likely to be found at 17.80 (10 4H EMA) and any violation below will drag the pair till 17.16 (23.6% retracement of $19.30 and $10.29)/$16.80/$16.45 (21 day 4 hour MA).The minor support is at $17.55 (23.6% retracement of $18.96 and $13.01).

“Ethereum has taken support near 21 day 4hour MA and recovered from that level. Any weakness could be seen only below that level. A jump till 20 seems likely”, FxWirePro said in a statement.

According to latest estimates from CoinMarketCap, the market cap of Ethereum has surpassed the 1.5 billion mark.

“Ethereum is outshining Bitcoin and looking at the data a new trading pattern is emerging with USD, CNY & EUR increasing their market shares of money flows from 15% to 30%”, said Charles Hayter, the CEO of CryptoCompare.com, as quoted by Finance Magnates.