Ethereum (ETH-USD) is trading around $3,030, regaining stability after a volatile November that saw prices dip below $2,900. The recovery comes as major investors, derivatives traders, and institutional participants rebuild long exposure ahead of the Fusaka upgrade, a pivotal network development scheduled for early December that targets a dramatic scalability improvement.
Blockchain data shows consistent whale accumulation in the $2,950-$3,050 range, with several large wallets adding positions exceeding 10,000 ETH each. Total whale holdings have increased by roughly 1.8% in the past two weeks, signaling renewed conviction. ETF inflows are also rebounding after two months of declines, with U.S. Ethereum-linked funds recording more than $120 million in net positive flow during the last week.
This renewed accumulation coincides with higher open interest in derivatives markets. Futures data indicates over $700 million in long positions currently defending the $2,960 support level, suggesting strong confidence in a continued rebound.
The upcoming Fusaka upgrade, scheduled for December 3, is one of Ethereum’s most significant protocol developments since the Shanghai update. It is expected to increase network throughput to 100,000 transactions per second (TPS) through advanced parallel execution and data compression. This upgrade also enhances Layer 2 efficiency, lowering roll-up transaction costs by an estimated 40-50%, further improving DeFi usability and NFT transfer speeds.
This scaling breakthrough could unlock new institutional interest and expand Ethereum’s total addressable market in on-chain finance, gaming, and AI applications.
Ethereum’s total value locked (TVL) has risen to $62.8 billion, up nearly 8% month-over-month. Liquid staking protocols remain a central growth engine, with Lido Finance and Rocket Pool collectively holding more than 10 million staked ETH.
DEX volumes have rebounded above $24 billion weekly, supported by rising activity in synthetic asset protocols and Layer 2 solutions such as Arbitrum and Base.
In the derivatives market, funding rates have turned positive again after being negative for nearly a month, reflecting a bullish shift in trader positioning. Options data shows an increased concentration of call open interest around $3,200 and $3,500, indicating strong sentiment for a near-term breakout. Implied volatility has dropped from 74% to 59%, reducing risk premiums and creating more favorable conditions for leveraged long exposure.
The ETH/BTC ratio has rebounded from 0.048 to 0.052, showing Ethereum outperforming Bitcoin in the short term. This reversal follows several weeks of dominance by BTC-driven flows amid the spot ETF narrative. With Ethereum’s network upgrade on the horizon and a potential ETH ETF approval window in Q1 2026, rotational capital appears to be returning to Ethereum.
Ethereum’s immediate resistance sits at $3,150, followed by a secondary ceiling at $3,500. Support remains firm at $2,960, defended by both derivatives positioning and whale accumulation. A confirmed breakout above $3,150 could accelerate momentum toward $3,500, with potential to retest $3,850 in early 2026 if macro risk appetite continues improving.
Moving averages confirm the constructive setup: ETH is trading above its 100-day SMA but still below the 200-day, indicating consolidation before a possible bullish expansion. The RSI at 57 supports moderate upside potential without signaling overbought conditions.
Ethereum remains structurally positioned as the backbone of decentralized finance and Web3 infrastructure. The Fusaka upgrade could catalyze the next growth cycle by improving scalability and reducing transaction costs, while the broader ecosystem — led by staking yields around 3.8% — continues attracting institutional capital seeking blockchain yield exposure.
Ethereum’s technical resilience, growing institutional activity, and the upcoming Fusaka upgrade form a compelling bullish setup. Accumulation between $2,950 and $3,050 remains attractive for long-term investors, with $3,500-$3,850 as the next upside range. The medium-term bias stays bullish, contingent on sustained whale support and continued network momentum.
