Key Takeaways
- Ethereum continues consolidating below key resistance despite modest rebounds.
- Fusaka upgrade is viewed as a potential turning point for long-term fundamentals.
- ETF inflows strengthen institutional confidence, even with weak retail activity.
- Spot exchange balances decline, signaling accumulation by long-term investors.
Ethereum Holds the Low-$3,000 Range as Fusaka Upgrade and ETF Flows Drive Market Focus
Ethereum is trading steadily in the low-$3,000 range this week, pausing below a critical $3,000–$3,100 resistance zone as traders weigh mixed technical momentum against improving fundamental catalysts. With the Fusaka mainnet upgrade approaching and U.S. spot Ethereum ETFs posting notable inflows, investors are assessing whether these forces can spark a breakout after weeks of muted price action.
Also Read: Will Ethereum’s Fusaka Upgrade Trigger the Next Big Crypto Boom?
Price Consolidation Amid Neutral Momentum
ETH recently rebounded from sub-$2,900 levels but continues to oscillate within a wide $2,700–$3,300 band. The inability to sustain closes above $3,000 underscores lingering hesitation in the market. Technical indicators and derivatives positioning reflect neutral-to-weak momentum, with leverage deployment subdued while the broader crypto market shows only modest gains. Many major exchanges report tightly ranged 24-hour ETH moves of just 1–3%, signaling consolidation rather than directional commitment.
Also Read: Ethereum Price Stalls: Why $153M Inflow Can’t Move ETH
On-Chain Trends Highlight Reduced Activity but Steady Accumulation
Ethereum’s network fundamentals present a mixed picture. DeFi TVL has fallen from around $100 billion in October to the low-$70 billions, mirroring reduced demand for block space even as transaction counts remain largely stable. Concentration remains extreme—top addresses now control an estimated 97% of supply—though market reaction has been minimal. Meanwhile, exchange balances continue to decline, hinting at accumulation by long-term holders removing ETH from centralized platforms.
Fusaka Upgrade Looms as a Major Catalyst
The network’s gas limit recently increased from 45 million to 60 million, supported by over 500,000 validators—a milestone not seen in roughly four years. Attention now shifts to the December 3 Fusaka upgrade, which analysts expect to enhance Ethereum’s fee capture and strengthen protocol-level revenue. Many view the upgrade as a crucial test of whether stronger fundamentals can counter recent price softness and revive bullish momentum.
ETF Inflows Strengthen Institutional Sentiment
U.S. spot Ethereum ETFs have seen improving inflows, with a recent session recording 35,000–36,000 ETH of net buys across nine products. BlackRock’s fund alone added around 31,000 ETH. One ETF also reported a $61 million single-day inflow, reinforcing rising institutional interest even as retail participation remains lukewarm. Large holders such as Bitmine, reportedly owning more than 3.6 million ETH, further signal ongoing institutional accumulation.
Catalysts Align, but Breakout Still Uncertain
Ethereum’s price remains trapped in consolidation, but the combination of the Fusaka upgrade, stronger ETF flows, and improving macro sentiment could serve as catalysts for a decisive move. Whether these factors collectively drive ETH beyond its stubborn resistance zone will determine the next phase of market momentum.
