ETH Reclaims $3,000 Ahead of Fusaka Upgrade

Key Notes

• If bulls manage to hold ETH price above $3,000, it could stage the next move to $3,400.
• BlackRock’s ETHA ETF has recorded strong inflows, scooping 16,629 ETH, worth $50 million.
• The Ethereum Fusaka upgrade is expected to boost Ethereum’s scaling capacity.

Amid the broader crypto market upside, Ethereum

ETH $3 031

24h volatility: 4.0%

Market cap: $365.75 B

Vol. 24h: $21.50 B

price has also gained 4% today, reclaiming the $3,000 levels. This comes as investors await the Fusaka upgrade scheduled next week on Dec. 3. Furthermore, with Ethereum ETFs recording inflows once again, overall sentiment is turning bullish.

Will ETH Price See Sustained Upside from Here?

ETH price is once again showing strength as bulls reclaim the $3,000 support after heavy selling pressure in previous weeks. Crypto analyst Ted Pillows noted that if this level continues to hold, ETH could advance toward $3,400 in the near term. However, a breakdown below $3,000 would heighten the risk of the cryptocurrency slipping under the $2,800 level.

Crypto analyst Merlijn The Trader stated that Ethereum is replicating a “textbook wave structure” seen in previous market cycles. According to him, the pattern consists of an initial Wave 1 rally, a corrective Wave 2 that removes weaker holders, and a Wave 3 phase where price typically accelerates sharply.

Related article: Ethereum Price Prediction: Hedge Funds Are Shorting the Dollar – Here’s Why ETH Holders Should Pay AttentionHe noted that this formation has appeared three times in the past, each preceding a vertical move in ETH. Merlijn added that the same structure is now emerging again, setting up a bullish tone for ETH price.

ETH price flashes strong upside | Source: Merlijn The Trader

On the other hand, spot Ethereum ETFs have recorded four consecutive sessions of inflows. On November 26, the net inflows stood at $60.8 million, with BlackRock’s ETHA contributing more than $50 million, as per data from Farside Investors.

During yesterday’s trading session, the BlackRock iShares Ethereum Trust (ETHA) recorded net inflows of 16,629 ETH, equivalent to $50.39 million, with trading volumes reaching $1 billion.

All Eyes on Ethereum Fusaka Upgrade

The upcoming Ethereum Fusaka hard fork, scheduled for December 3, is expected to significantly expand the network’s blob space capacity, according to researcher and investor Anthony Sassano. He noted that Ethereum has effectively reached its current blob limitg.

This upgrade will initiate a phased increase in blob capacity and enable PeerDAS, thereby improving data accessibility for Ethereum Layer 2 networks. At present, Ethereum can process six blobs per block, a constraint that limits L1–L2 data throughput.

The transition will be rolled out cautiously to avoid network congestion. A follow-up fundraising phase is scheduled for Dec. 9, six days after the Fusaka activation.

Crypto analyst Ted Pillows highlighted that Ethereum rallied 50% in May following the Pectra upgrade, which raised speculation over whether a similar price reaction could follow the upcoming update**.**

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