This Analyst Note presents a structured approach to analyzing carbon market price movements within the European Union Emissions Trading System (EU ETS), focusing on price dynamics and utilizing statistical tools to monitor short-term fluctuations. As the largest carbon market in the world, with a value surpassing that of all other cap-and-trade systems combined, the EU ETS is a critical area of analysis for stakeholders involved in carbon trading. Understanding the factors driving the dynamics of the EU ETS is essential for navigating the evolving carbon market landscape. This report adopts a multi-faceted approach, divided into three main sections: fundamental analysis, event-driven analysis, and technical analysis.