Ethereum looks surprisingly balanced right now.

$ETH sits around $3K, while the Realized Price is $2,315 and MVRV at 1.27 meaning the market is only 27% above the average cost basis. No overheating, no panic… just a neutral zone where neither buyers nor sellers have extreme pressure.

This kind of equilibrium often creates a steady base, unless MVRV falls back toward 1.0, which historically signals deeper stress.

With the Fusaka upgrade landing on December 3, traders are leaning bullish, not on hype, but on stronger fundamentals, smoother transaction flows, and higher expected activity.

If $ETH holds this balanced structure through the upgrade, it could be the calm before a meaningful move.