Ethereum Price Eyes Major Move as Fusaka Upgrade Approaches

Ethereum price is heading into one of its biggest weeks of the year, as the price moves in a narrow range and a major network upgrade approaches.

After recovering strongly from last week’s lows, the ETH price is hovering near the $3,000 region, a level that continues to act as the dividing line between recovery and another pullback. 

Traders say the market is reaching an inflection point, with pressure building on both sides and a bigger move now becoming increasingly likely.

Fusaka Upgrade Set for December 3

Ethereum is preparing for the Fusaka Upgrade, one of its biggest transformations since The Merge. Scheduled for December 3, the update combines changes to both the Consensus Layer (Fulu) and Execution Layer (Osaka), officially pushing Ethereum into the next phase of its roadmap.

The upgrade introduces PeerDAS, a new way for nodes to verify data by sampling instead of downloading everything. This significantly increases Ethereum’s data capacity without overwhelming home nodes. A staged rollout over 35 days will gradually raise the number of data “blobs,” which rollups use to reduce transaction costs. By January, analysts expect L2 fees to fall by another 60–90%.

Fusaka also brings a major increase to the Layer-1 gas limit, boosting it from 30 million to 60 million, while adding safety limits for large transactions. Another important addition is support for secp256r1, which allows users to sign transactions using iPhone FaceID or TouchID—removing one of the biggest barriers for mainstream adoption.

Ethereum’s fundamental picture continues to strengthen. Spot ETH ETF data shows that over 43% of all circulating shares are now held by large institutions, including firms such as Goldman Sachs, Millennium, and Jane Street. Institutions continue to drive most of the ETF flow, showing that the majority of liquidity is coming from professional buyers rather than retail traders.

According to analyst, the ETH Price has been narrowing for days as liquidity builds above and below the current range. The key zone remains the red supply area between $3,070 and $3,080. A clean push and acceptance above this region could open the path toward the next major liquidity cluster around $3,250.

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On the other hand, ETH is approaching a fourth test of a long-standing trendline, an area where reversals often happen. A break of this trendline with a bearish confirmation would increase the probability of a deeper move back toward lower levels. For now, traders are watching for the trigger rather than trying to predict the direction.

ETH recently bounced from the 0.618 level near $2,760, the same region that supported the last major trend continuation earlier this year. Since that low, Ethereum has gained roughly 17%, reclaiming the crucial $3,000 area that historically separates breakdowns from recoveries.

Analysts predict that, technical indicators on higher timeframes also show early signs of stabilization. ETH remains above the 200-day EMA, the 50-day EMA is close to breaking, and momentum tools like the MACD are starting to show fading bearish pressure. 

If the market can defend the $3,000 support on the weekly close, the next zones to watch are $3,150 and $3,300, with a higher-timeframe breakout targeting the $4,300–$4,500 zone.

If ETH breaks and holds above the $3,070–$3,080 zone, a run toward $3,250 becomes likely. If the trendline breaks with confirmation, the market may rotate lower toward $2,800 or below.

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