ETH Eyes Key Support: Bulls and Bears Battle Near $3,000 Level
Ethereum is currently trading close to the $3,000 support level. This has turned into a crucial battleground for both bulls and bears. ETH is now getting close to a significant catalyst, the Fusaka upgrade, which is set for December 3, despite a 40% decline from its annual peak. As technical and on-chain signals start to change, traders are keeping a careful eye on them.
Ethereum’s Fusaka Upgrade Boosts Performance and Throughput
Through several internal enhancements, the Fusaka update aims to improve Ethereum’s performance. Peer Data Availability Sampling, which enables validators to confirm rollup blob data without downloading complete datasets, is the most significant feature. This allows for much higher rollup throughput while significantly reducing bandwidth and storage demand. Additionally, Fusaka will present:
- Verkle trees for more effective state storing
- For more seamless rollup economics, predictable blob fees
- Chain bloat reduction through history expiry adjustments
These characteristics make Ethereum more competitive in areas where demand is still rising, such as DeFi, scaling, and real-world asset tokenization.
Ethereum Price Shows Signs of Rebound Amid Falling Wedge
Due in large part to a significant liquidation event that destroyed billions in leveraged positions, ETH has been steadily declining for the past two months. Short-term momentum is still negative because the price is still below the 50-day and 100-day moving averages. Additionally, the Supertrend indicator still displays overhead resistance. The daily chart’s format is changing, though. ETH has created a sizable falling wedge pattern, which is known to result in bullish breakouts when momentum shifts. In support of this, the RSI is climbing toward the neutral 50 level, indicating more buyer interest, and the MACD lines have crossed positive. ETH may rise toward $3,500, the next significant barrier, if bulls take control.
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