The Ethereum (ETH) market has recently shown strong momentum, with prices climbing above $3900, sparking heated discussions among investors about whether it can break through the $4000 barrier. However, whether this rise can be sustained or if it will retreat from high levels like before has become the focus of market attention.

Currently, Ethereum's short-term trend is facing the test of the key resistance level at $3950. If it can break through strongly and stabilize, not only will the $4000 mark be within reach, but it may even challenge the high of $4100. However, if it fails to break through after multiple attempts, the market may see a pullback, with the primary support level around $3800. If it falls below this level, it may further explore the range of $3700-$3640.

The reason the $3950 level is so important is that it represents a technical resistance for the recent rebound, where there may be a large number of sell orders. If it breaks through successfully, it will indicate strong buying power, potentially triggering panic buying and further pushing the price upward.

From a macroeconomic perspective, the United States and the European Union have reached a consensus on tariff issues, temporarily eliminating the risk of tariff increases, which is favorable for risk assets including cryptocurrencies. At the same time, the sustained strength of the U.S. stock market also provides indirect support for the crypto market.

However, the market still faces many uncertainties:

First of all, the upcoming economic data from the United States, including key indicators such as inflation rate and employment situation, may influence the Federal Reserve's policy direction. Secondly, the soon-to-be-held Federal Reserve meeting is also attracting attention, as the market is closely watching for any signals of interest rate cuts; any hawkish statements could trigger short-term market fluctuations.

Before the dust settles on these important events, the price of Ethereum is likely to fluctuate within the range of $3800-$4000. Investors need to closely follow the developments of these factors in order to adjust their investment strategies in a timely manner.