The price of Ethereum (ETH) has successfully reclaimed the $3,000 mark, reflecting a broader recovery in the cryptocurrency market. This resurgence comes as investors eagerly anticipate the Fusaka upgrade, set to take place on December 3. With a market capitalization of approximately $365.75 billion and a 24-hour trading volume of $21.50 billion, ETH saw a notable 4% increase today, reinforcing its position above the critical support level.
As the market sentiment shifts towards bullishness, the recent inflows into Ethereum exchange-traded funds (ETFs) further indicate heightened investor confidence. On November 26, the net inflows into Ethereum ETFs reached $60.8 million, with significant contributions from BlackRock”s iShares Ethereum Trust, which alone accounted for over $50 million.
Crypto analyst Ted Pillows has pointed out that the ability of ETH to maintain this $3,000 level could pave the way for a potential climb toward $3,400. However, he warned that a drop below the $3,000 threshold could increase the risk of the cryptocurrency falling under the $2,800 mark. In his view, the support around $3,000 is crucial for sustaining upward momentum.
Meanwhile, analyst Merlijn The Trader highlighted that Ethereum appears to be following a “textbook wave structure,” reminiscent of previous market cycles. He noted that this specific pattern has emerged three times in the past, each time preceding significant upward movements in ETH prices. The current formation suggests a similar bullish trajectory as observed in earlier cycles.
All eyes are now on the upcoming Ethereum Fusaka hard fork, which aims to enhance the network”s blob space capacity. Researcher Anthony Sassano has indicated that Ethereum has nearly reached its current blob limit, which restricts data throughput between Layer 1 and Layer 2 networks. This upgrade will be implemented cautiously to prevent network congestion, with a follow-up fundraising phase scheduled for December 9, shortly after the Fusaka activation.
Historically, Ethereum has seen substantial price increases following network upgrades. For instance, after the Pectra upgrade in May, ETH surged by 50%. As traders speculate on whether a similar response will follow the Fusaka upgrade, the upcoming event is poised to be a critical juncture for Ethereum”s market performance.
In addition to Ethereum”s advancements, the tokenized fan economy platform Subbd is gaining traction, having raised nearly $1.37 million in its presale. This platform connects fans and influencers, leveraging Web3 technologies to enhance engagement and streamline monetization for creators.
