The crypto markets are recovering from the latest price crash that was caused by massive liquidations and a drop in buying pressure. Although the bears held a tight grip over the rally, the Ethereum price hovered around the psychological barrier at $3000, which held the confidence of the market participants. On the other hand, the much-awaited Fusaka upgrade went live on the mainnet, which is expected to kick off a strong upswing, breaking the barriers to reaching $4000.
Ethereum Fusaka Upgrade Goes Live
Ethereum has been constantly working on making the blockchain more scalable, secure and reliable. In the recent update, the Fusaka upgrade goes live on the Ethereum Mainnet, which focuses on improving state management efficiency and reducing network load during high-demand periods, and has quietly boosted developer and user activity.
This upgrade, though subtle compared to major roadmap milestones, has two meaningful effects at a time when ETH’s on-chain metrics are already strong:
- More efficient transactions: Users experience fewer delays during peak activity, encouraging continued on-chain engagement.
- Better support for scaling tools: Developers building L2 rollups and high-frequency applications gain a smoother environment, fueling increased address creation and contract deployment.
For investors tracking long-term fundamentals, the Fusaka update adds another layer to the ongoing accumulation story: large holders often accumulate ahead of upgrades that improve user experience and reduce network friction—exactly what’s playing out now.
Shark Wallets Add 450,000 ETH After October Sell-Off
Between November 18 and December 2, wallets holding 1,000–10,000 ETH accumulated roughly 450,000 ETH, according to Santiment data. This marks a sharp reversal from October 5–10, when the same group dumped 1.3 million ETH, contributing to ETH’s corrective phase.
Historically, this cohort often accumulates ahead of medium-term trend shifts. Their renewed confidence signals that larger holders may be positioning for stronger fundamentals heading into December and early 2025.
ETH Price Analysis: Can This Momentum Push Ethereum to $3,500?
ETH price has reclaimed $3,215 and is pressing toward the crucial $3,350–$3,450 resistance zone. Breaking above this band would confirm a structural shift in trend and open the path toward $3,500, a level traders are watching closely.
As seen in the above chart, the ETH price has hit the upper bands of the Bollinger, which displayed a bullish divergence. This suggests the price is expected to rise along the upper bands, as it did in May as well as July. On the other hand, CMF is incremental, hinting towards a significant influx of liquidity onto the platform. These factors suggest the ETH price may soon break the barrier at $3500 and head towards the higher targets.
Conclusion
Ethereum’s improving on-chain activity, strengthened by 450K ETH in shark accumulation, accelerating network growth, and a smoother post-Fusaka upgrade, is creating a coordinated foundation for upward price action. With key resistance levels in sight, the ETH price may soon have the structural support needed to challenge the $3,500 mark.