Fusaka upgrade anticipation — Ethereum gains 6%

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Ethereum rises 6.00% to $3,611 today

Highlights

Ethereum (ETH) trades at $3,611.61, up 6.00% daily, remaining below the MA-20 ($3,753.06) and MA-50 ($4,009.59) but above the MA-200 ($3,413.95), reflecting medium-term selling pressure and long-term resilience.
The Fusaka upgrade launches December 3, enhancing scaling via increased blob capacity, improved networking, efficient fee markets, and the removal of legacy proof-of-work through EIP-7642, while ETH futures open interest hits $40.11 billion.
Despite notable daily gains and intraday buyer dominance, mixed momentum indicators suggest neutral to bearish sentiment, with a less than 20% probability of price increase and a likely consolidation between $3,161.50 and $3,861.92 over five days.

Fusaka upgrade and derivatives growth drive ecosystem optimism

Ethereum is preparing to launch the Fusaka upgrade on December 3, which will deliver infrastructure enhancements aimed at scaling — including increased blob capacity, more efficient fee markets, and improved networking protocols. The update is set to enhance rollup throughput, boost transaction volumes, and reduce validator bandwidth needs, while removing legacy proof-of-work artifacts from the protocol through EIP-7642. ETH futures and options markets have also expanded, with futures open interest reaching about $40.11 billion and calls leading the options market. Ongoing technical improvements are designed to support wider ecosystem adoption and future data scaling.

Mixed momentum signals amid intraday volatility and price divergence

Momentum signals present a mixed picture. The MACD and ADX both indicate weak or declining bullish momentum on the daily chart, while the RSI and CCI lean bearish or neutral, suggesting the asset is not oversold and market enthusiasm has cooled. Stochastic RSI and BBP highlight conflicting intraday overbought and oversold conditions across various timeframes, but BBP generally reflects intraday buyer dominance. The current daily move is notable, with price now hovering close to the upper end of today’s range ($3,657.57 high). Intraday volatility is high, with clear strength toward the highs. Divergence among oscillators and momentum signals points to choppy sentiment rather than a unified trend, partially at odds with the robust price gains.

Downside risk elevated as consolidation follows recent rally

Looking ahead, the expected price range over the next five trading days is $3,161.50 to $3,861.92. The probability of a price increase is very low (less than 20%), making a decline more likely. The baseline scenario calls for consolidation within the quoted corridor as the market digests recent gains and grapples with resistance. A bullish scenario would see ETH breaking above $3,656–$4,010, reigniting upward momentum toward the weekly high, while a move below $3,413 could spark a deeper pullback toward the weekly range low.

Viktoras Karapetjanc, analyst at Traders Union, sees Ethereum holding up well above its 200-day moving average despite recent pullbacks. He notes the upcoming Fusaka upgrade as a key driver for fundamental trust and long-term growth in the ecosystem. Market signals are mixed, but underlying adoption trends and strong derivatives flows suggest constructive sentiment. Karapetjanc believes the setup favors consolidation before any major move to the upside. "If $3,413 holds as support, I remain optimistic — the coming weeks could reward patient bulls as Ethereum’s upgrades take root."

Previously it was noted that JPMorgan’s 13F filing revealed significant holdings in BitMine Immersion Technologies, reflecting a shift in institutional attitudes toward Ethereum. The prior report also highlighted ongoing technical weakness, as described in ongoing short- and medium-term bearish pressure for the asset.

Source of Data: ETH Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.