Ethereum continues to show strength, currently trading around $4,670 as it edges closer to the midline of its ascending channel. The market has maintained a steady recovery since late September, but signs of local exhaustion are beginning to appear, suggesting a potential short-term pullback before another push higher.Technical AnalysisBy ShayanThe Daily ChartOn the daily timeframe, ETH remains firmly within its rising channel structure, supported by the 100-day moving average near $3,900 and the 200-day around $3,000. The price is approaching the $4,800 resistance zone, a key level that has repeatedly capped rallies over the past couple of months.The RSI has also climbed to 62, reflecting healthy momentum, though not yet overheated. A breakout above $4,800 could open the path to testing the psychological $5,000 level and beyond, while failure to sustain current levels could lead to a retest of the lower boundary of the ascending channel and even the critical $4,000 demand zone, which would be crucial for the investors to hold to sustain the bull market.Source: TradingViewThe 4-Hour ChartThe 4-hour chart shows early bearish divergence between price and RSI, indicating weakening momentum as ETH tests the key $4,700-$4,800 resistance zone. Yet, a small bullish Fair Value Gap (FVG) has formed near $4,600, which could attract short-term retracement and support before continuation.Source: TradingViewIf the buyers defend this gap and reclaim control, the next upside target remains $4,800. However, losing this level may trigger a deeper correction toward $4,200, where a strong demand zone and the neckline of the recent inverse head and shoulder pattern are located.Onchain AnalysisWhile Ethereum’s price has been rebounding strongly and looks ready to rally higher, on-chain activity tells a slightly different story. The number of active addresses has been dropping slightly recently, even as the price climbs. This shows a short-term disconnect between network participation and market performance.For this uptrend to remain sustainable, active addresses need to rise alongside price, confirming genuine user engagement and on-chain demand. A continued decline in activity could signal weakening fundamentals, making it harder for ETH to sustain momentum above the $4,700–$4,800 resistance zone.Source: TradingView The post Ethereum Price Analysis: Worrying Fundamentals Might Halt ETH’s Rally to $5K appeared first on CryptoPotato.