The cryptocurrency world is buzzing with excitement as Ethereum’s latest network improvement, the Fusaka Upgrade, goes live. This significant enhancement promises improved transaction efficiency and has crypto enthusiasts speculating whether it could mirror the 56% rally sparked by the Pectra Upgrade earlier this year.
Ethereum’s Recent Performance: Paving the Way for a Surge?
The Ethereum (ETH) price has rebounded impressively, gaining over 13% since December 1 thanks to a combination of market recovery and optimism surrounding Fusaka. However, ETH remains 17% below its peak from the past month. Chart analysts are eyeing patterns reminiscent of those seen during May 2025’s Pectra Upgrade, which drove Ethereum to a 56% surge in a single week.
During the Pectra phase, Ethereum demonstrated a classic bullish divergence—a lower low in price paired with a higher low on the Relative Strength Index (RSI). This clear sign of a trend reversal gave traders confidence in Ethereum’s potential. Interestingly, a similar divergence has emerged with the recent November-to-December price movement, raising hopes that history could repeat itself.
Large Investors Are Betting Big
Another bullish signal is coming from Ethereum’s wealthiest investors. On-chain data reveals a 4.68% rise in wallets holding over $1 million worth of ETH—from 13,322 to 13,945 wallets—bringing approximately $623 million in fresh capital to the network. Historically, such accumulation has often preceded major price actions, particularly before technical upgrades.
Key Levels to Watch for Ethereum
For the Fusaka upgrade to ignite a dramatic rally, ETH must overcome its current supply barrier. Glassnode’s Cost Basis Distribution highlights a heavy resistance zone between $3,154 and $3,179, aligning with a key resistance level of $3,166 observed on the charts. A decisive weekly close above $3,166 would likely signal cleared resistance, paving the way toward $3,653—and possibly even $4,262 if the momentum matches May’s Pectra rally.
However, traders should stay cautious. A fall below $2,996 could weaken ETH’s bullish structure, making $2,873 and $2,618 the next critical support zones to monitor.
Stay Ahead with Ethereum Investment
Whether you’re a seasoned investor or a newcomer to crypto, preparing for Ethereum’s next big move can make all the difference in returns. Many investors trust platforms like Coinbase for buying and storing Ethereum securely. Its user-friendly features and robust security measures make crypto trading seamless for everyone.
Final Thoughts
The Fusaka upgrade may well be Ethereum’s next defining moment, with strong signals of a bullish divergence, significant wallet accumulation, and crucial resistance levels to watch. While the market holds its breath for a breakout, one thing is clear—Ethereum’s potential remains as strong as ever. Stay informed, monitor key levels, and position yourself wisely for the next phase of this crypto giant’s journey.
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