Ethereum is showing signs of stabilization, trading around $3,019. This bounce occurs as traders reassess upcoming network upgrades, the momentum of Exchange Traded Funds (ETFs), and renewed activity from large holders, all of which are forces that could significantly influence ETH's next major price movement.
Market Snapshot: ETH Stabilizes After Sharp Pullback
ETH is currently trading slightly up on the day, though it remains approximately 15% lower over the past week. Recent market activity, as depicted in TradingView charts, shows a sharp mid-week downturn towards $2,885, followed by a swift rebound. The MACD indicator has shifted closer to neutral territory after a period of negative momentum, and a pattern of higher intraday lows has begun to form during the Asian trading session.
On-chain data reveals an increase in selling pressure from short-term traders. Concurrently, network volumes have surged by 14.7% within a 24-hour period, indicating renewed activity from significant market participants. Despite these short-term fluctuations, the fundamental developments anticipated in December are considered more impactful for Ethereum's future trajectory than immediate chart patterns.
Fusaka Upgrade: December’s Hard Fork Could Redefine Ethereum’s Scalability
Ethereum's forthcoming Fusaka hard fork, slated for December 3, 2025, is anticipated to be the network's most significant upgrade since the Dencun upgrade. This crucial update incorporates 11 Ethereum Improvement Proposals (EIPs), notably PeerDAS. PeerDAS is designed to expand the available blob space per block from 6 to 14 blobs, thereby substantially enhancing data availability for Layer-2 scaling solutions.
The implications of the Fusaka upgrade are far-reaching:
- •Layer-2 transaction throughput could potentially exceed 12,000 transactions per second by 2026.
- •Transaction costs on rollups are expected to decrease significantly.
- •Developers will benefit from increased blockspace and improved scalability, fostering innovation and efficiency.
Historically, major upgrades such as Dencun in March 2024 have led to rallies of over 20% in the aftermath, driven by renewed developer confidence and reduced transaction costs. The Fusaka upgrade carries similar potential, especially considering the recent cooling of Total Value Locked (TVL) on Ethereum's Layer-2 networks.
Staking ETF Momentum: BlackRock’s New Filing Adds Fuel to Institutional Demand
A second major bullish catalyst is emerging from traditional financial markets. On November 19, 2025, BlackRock officially filed for the iShares Staked Ethereum Trust ETF, signaling its intention to introduce an Ethereum-based product that includes built-in staking yields.
This development follows several key events:
- •The U.S. Securities and Exchange Commission (SEC) declared in July 2025 that Ethereum is not a security.
- •Ethereum spot ETFs have experienced rapid inflows, accumulating $727 million last month despite broader market weakness.
- •Staking yields, currently ranging from 3% to 5%, are viewed by BlackRock as a primary attraction for institutional investors.
According to Robert Mitchnick of BlackRock, staking ETFs have the potential to unlock between $10 billion and $20 billion in capital by mid-2026, as institutions increasingly seek yield-generating exposure to Ethereum. The convergence of regulatory clarity, attractive yields, and the establishment of ETF infrastructure creates a potent environment for sustained institutional inflows.
Whales Are Accumulating, Even as Retail Sentiment Hits Extreme Fear
On-chain data for Ethereum indicates a significant divergence in market behavior:
- •Large holders, often referred to as "whales," accumulated over 21,000 ETH, valued at approximately $66 million, in the past 24 hours.
- •Addresses holding 10,000 or more ETH have increased their holdings by 9.3% since October 2024.
- •Over-the-counter (OTC) desks have reported an unusual volume of large buy orders this week.
In contrast, retail sentiment remains predominantly pessimistic. CoinMarketCap's Fear & Greed Index currently stands at 15 out of 100, indicating "Extreme Fear." This dynamic, where institutional players acquire assets during periods of retail fear, has historically served as a precursor to medium-term market reversals. The accumulation by whales near the $2,900 support level suggests a strong conviction in the upcoming Fusaka upgrade and the positive narrative surrounding Ethereum ETFs.
What Could Trigger the Next ETH Rally?
Several key events are poised to trigger the next significant rally for Ethereum:
- Fusaka Upgrade Goes Live (December 3): The successful implementation of the Fusaka upgrade is expected to lead to reduced rollup fees, increased network activity, and consequently, a rise in ETH demand.
- BlackRock’s ETF Filing Moves Toward Approval: Even potential delays in the approval process for BlackRock's Staked Ethereum Trust ETF could spark speculative inflows, mirroring the behavior observed with Bitcoin ETFs in 2023.
- Continued Whale Accumulation: If whale accumulation persists at the current pace, coupled with low exchange reserves, any increase in demand could lead to rapid price appreciation.
A daily close above the $3,080 resistance level would signify a break in the immediate downtrend. Reclaiming the $3,150 mark would then open a clear path towards the $3,350–$3,500 price range.