ETH/EUR is seen soaring high continually post the recent formation of Ehereum Enterprise Alliance. The pair has broken major resistance around 16.03 (76.4% retracement of 19.08 and 6.79) and jumped till 17.40 at the time of writing (KRAKEN). Short term trend is bullish as long as support 12.66 (21-day EMA) holds. It is currently trading around 17.20 at the time of writing.

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.

Ichimoku analysis of daily chart shows:

Tenkan-Sen level: 13.84

Kijun-Sen level: 13.07

Minor trend reversal level- 16.03 (76.4% retracement of 19.08 and 6.79)

Major Trend reversal level - (89 day EMA) – 10.41

Long-term trend remains to be bullish. ETH/EUR is trading well above 76.4% fibo and a jump till 19.08 (Jun 17th high) likely.

The major resistance is around 17.60 (88.6% retracement of 19.08 and 5.58) and any break above targets 19.08. Short term support is seen at 14.46 (5-day MA) and any break below will drag the pair till 13.26. (10- day MA)/12.66 (21- day EMA).