Ethereum at the Edge: $4.3K Now, but Where Next - $6K Glory or $3K Pain?

I've been watching ETH hover around $4,338 lately, and let me tell you - this is nail-biting stuff! That $4,868 resistance zone isn't just a number on a chart; it's a psychological battlefield where fortunes will be made or destroyed. I've seen too many traders get absolutely wrecked at these levels before.

Looking at the monthly chart, I can't help but feel cautiously optimistic. That EMA stack is lining up beautifully (EMA20 > EMA50 > EMA200), and the RSI at 63.5 isn't screaming "overbought" yet. Those Bullish Engulfing and Tweezer Bottom patterns have me thinking the bulls still have some fight left. If we break through $4,868 decisively, I'm convinced we could rocket straight to $6K. My trading group is already positioning for this scenario.

But I'm not blind to the red flags. That bearish MACD turn gives me serious pause, and I've been watching the order books closely - that -27.6% imbalance favoring sellers is downright scary. There's a mountain of sell orders just waiting to crush any momentum. History doesn't lie - that $4,800-$5,000 range has been a slaughterhouse for ETH bulls time and again.

If we fail to conquer $4,868 by monthly close, brace for impact! A drop to $3,283 would be painful, but $2,738 would be devastating. I've got stop losses set for both scenarios.

What to watch? Simple:

• Monthly close above $4,868 = rocket to $5,500-$6,000
• Rejection = painful slide to $3,283 or worse

The monthly chart shows a market teetering on a knife's edge. Bulls are pushing hard but that sell wall and bearish MACD make me nervous as hell. Either we blast through to glory or face months of pain ahead.

ETH's current monthly candle will make or break this bull run. Will we smash $5K or get smashed back to $3K? Time's running out - position accordingly!

Remember: Trade at your own risk. I've been burned before following charts blindly.