Now that it's achieved the psychological milestone of $4k, it's "free" to retreat a bit. I do expect it to reach $5k in the coming weeks.

As we approach December 6, 2024, the Ethereum (ETH) market is showing signs of volatility, with recent trends indicating a potential shift in momentum. Let's dive into the current price analysis and what traders can expect in the coming days. 📊✨
Current Market Overview 🌐
According to CoinMarketCap, Ethereum's price has experienced a 1.46% drop yesterday's last couple of hours, currently trading at $4,068. That recent decline has raised concerns among traders, as bearish sentiment appears to be gaining strength. 🐻📉
Technical Analysis 🔍
On the hourly chart, Ethereum attempted a false breakout of the local resistance level at $3,914. This indicates that while bulls are trying to regain control, they have yet to establish a solid foothold. If the bulls can maintain their momentum and the daily candle closes near this resistance level, we could see a push towards the critical $4,200 zone over the weekend. 🚀💪
However, traders should also keep an eye on the $3,880s level, which has been tested multiple times. The recent price action suggests another false breakout below this level. If the daily candle can close above $4,100 without a long wick, it may signal a continuation of the upward trend, paving the way for a rise towards $4,200. 📈🔑
Midterm Outlook 📅
From a midterm perspective, the focus should shift to the nearest support level at $3,900s. If the weekly candle can be above this mark, there is a strong possibility of a breakout, potentially leading to a price range between $4,100 and $4,200. This would indicate a bullish trend and could attract more buyers into the market. 🌟💰
$ETH

Conclusion 🔚
As of now, Ethereum is trading at $4,066, and the market sentiment remains cautious. Traders should watch for key resistance levels and be prepared for potential volatility as we approach the weekend. The ability of bulls to hold the initiative will be crucial in determining whether Ethereum can break through the $4,100 barrier.
Stay tuned for further updates as the situation develops! 📢🔔
#EthereumPower #ETH