Join our Telegram channel to stay up to date with the latest news
The price of Ethereum jumped more than 8% in the past 24 hours to trade at $3,070.40 as of 8:08 a.m. EST, on trading volume that climbed 16% to $29.81 billion.
This ETH price rise comes ahead of the highly anticipated Fusaka upgrade which will go live later today. Scheduled to be activated at the start of epoch 411,392, the upgrade will bring a batch of powerful improvements to the network aimed at increasing the scalability, security and usability of the blockchain.
Tomorrow: Fusaka
Second major Ethereum upgrade this year.
→ Featured Feature: PeerDAS – Unlocking up to 8x data rate. For rollups, this means cheaper blob fees and more room to grow.
Learn more. pic.twitter.com/sEfeiTamy9
-Ethereum (@ethereum) December 2, 2025
Among these changes is PeerDAS. Instead of requiring a validator or node to download full blobs of Layer 2 data, this upgrade will allow nodes to randomly sample small portions of the data and check for availability.
A higher block gas limit will also be introduced. This means that each block on the Ethereum network will be able to store more transactions, contract executions, and layer 2 data.
Other major upgrades include data storage and structure improvements, as well as protocol-level improvements and Ethereum Improvement Proposals (EIPs) that aim to optimize the overall performance of the blockchain.
Before the Fusaka upgrade went live, BitMine, the world’s largest ETH treasury company, acquired more tokens. According to on-chain analytics firm Lookonchain, a wallet it linked to BitMine recently withdrew 30,278 ETH worth $91.16 million from crypto exchange Kraken.
A newly created 0x52B7 wallet — possibly linked to #Bitmin — just withdrew 30,278 $ETH($91.16 million) #Kraken. pic.twitter.com/pHFDudcFXv
– Lookonchain (@lookonchain) December 3, 2025
This is after the Ethereum Treasury company would have purchased an additional 18,345 ETH in the last 24 hours.
As ETH price benefits from hype around the Fusaka upgrade, can the altcoin leader continue to rise?
Ethereum Price is Trading in Consolidation Channel – Breakout Incoming?
Looking at the daily chart of ETH shows that the altcoin has been trading in a sideways range between $2,722 and $3,099 over the past few days.
Daily chart for WETH/USD (Source: GeckoTerminal)
Technical indicators are starting to show early signs of a potential bullish move as ETH attempts to breach the $3,099 barrier.
The Moving Average Convergence Divergence (MACD) histogram is positive, a classic indication that momentum favors market bulls. Meanwhile, the MACD line breaks above the MACD signal line, indicating increasing bullish momentum.
Buyers have also gained strength relative to sellers, as suggested by rising relative strength index (RSI) values over the past few days.
Currently around 47, the RSI shows that sellers still have a slight advantage. However, a reading near 50 suggests that control of the Ethereum price can be taken by either bulls or bears.
Key Levels to Watch for ETH
With the growing bullish momentum and rising RSI values, it appears that a bullish scenario is more likely to occur in the next 48 hours. If so, Ethereum price could have the strength to overcome the $3,099 barrier and turn the upper boundary of the aforementioned sideways channel into support.
This would be a major development, as the level also confluences with the 9 and 20 exponential moving averages (EMA), which have acted as dynamic support levels that have kept ETH low over the past few weeks. As such, surpassing the level could see ETH reach $3,562 in the near term.
On the other hand, a rejection from the $3,099 mark could lead to a continuation of the recent sideways trading. Ethereum price could then test the $2,722 support level. In an extreme case, the altcoin could even end up diving all the way to the $2,316 support if the bears manage to overwhelm the bulls.
Related news:
Best Wallet – Diversify your crypto portfolio
- Easy-to-use, feature-driven crypto wallet
- Get Early Access to Upcoming Token ICOs
- Multi-chain, multi-wallet, non-custodial
- Now on App Store, Google Play
- Stake to win a $BEST native token
- More than 250,000 active users per month
Join our Telegram channel to stay up to date with the latest news
