Yesterday we predicted a recovery in Ethereum after a breakout from the consolidation zone. However, the rally has been stronger than we anticipated. Ethereum rose more than 8% breaking above the consolidation zone with price testing the November 12, 2021 high at $4784. We marked the resistance, yesterday, at fib 0.786 at $4572 and the same level now has turned into near term support. The uptrend may reverse here as there is a small bearish divergence seen on the hourly chart. If not, $4874 should be an easy target for Ethereum.
