🚀🚀Buckle up, BTC enthusiasts! Ethereum's native token is making waves! After a significant surge toward the $4K resistance level, it's seen increased selling pressure, leading to a slight consolidation. But don't worry, this is just the calm before the storm! 🌩️

The daily chart shows renewed demand and buying pressure near the critical $3K support level. This buying momentum led to a notable upward move, with many short positions being liquidated as the price approached the substantial $4K resistance zone. However, a considerable supply near this pivotal area has increased sales pressure, causing increased volatility and a slight consolidation.

The 4-hour chart closely examines ETH’s recent bullish momentum, with the price demonstrating a significant 26% spike and surpassing multiple resistance levels. However, upon reaching the crucial $4K resistance area, the asset experienced increased volatility due to a large liquidation event.

The perpetual futures market has been a key driver of Ethereum’s price dynamics in recent years. The chart highlights a significant increase in the open interest metric, which coincides with a notable surge in ETH’s price and positive funding rate values. This uptick in open interest indicates heightened activity in the perpetual futures market, with more participants taking aggressive positions.

While the market sentiment is bullish, the price may enter a phase of elevated volatility and sideways consolidation before making its next big move. This temporary consolidation would allow the market to absorb recent gains and set the stage for a potential continuation of the bullish trend. So, keep your eyes on the prize, folks! 🏆🏆