ETH – Bulls Have Not Given Up

After December 4, 2021 drop, Ethereum recovered to a high of $4431 on Tuesday.  Unfortunately the rally hit a brick wall at the 50-day SMA.  According to the hourly chart however, bulls have not given up control. ETH holds the 100- SMA and appears poised for a stronger recovery. With that said, there’s a lot of resistance between 4200 and 4400.  A clear break above $4400 is needed for a stronger move towards the December 3rd high of $4660.  Ethereum has psychological support of $4000.