Ethereum returns to $3,200, with the Fusaka upgrade and whale accumulation driving the rally

Ethereum’s price surged 5% within 24 hours, reclaiming the $3,200 level, with market sentiment showing significant improvement. This rally is mainly driven by two major factors: the official launch of the Fusaka upgrade and continued accumulation by whales and “shark wallets.”

Fusaka, Ethereum’s second major upgrade this year, has officially gone live, with its core change being the introduction of PeerDAS technology. This allows validators to process smaller data segments, improves network throughput, and significantly reduces transaction costs. The upgrade marks a key step toward Ethereum’s scalability and long-term performance goals and has received positive feedback from both developers and the user community.

On the capital side, “shark wallets” holding 1,000 to 10,000 ETH are rapidly accumulating, buying over 450,000 ETH from mid-November to December alone. A single-day increase of 190,000 new Ethereum wallets also reflects simultaneous growth in network activity and users. Despite previous large-scale sell-offs (such as the sale of 1.3 million ETH in October), the overall trend indicates that medium- to long-term buying power is dominant.

In terms of price action, ETH is currently trading within an ascending channel, with a short-term target range of $3,300 to $3,500. The RSI has risen to 71, indicating the market is overbought, but the Chaikin Money Flow (CMF) stands at 0.09, signaling strong buying pressure remains. Should a pullback occur, $3,000 is still a key support level.

Overall, with the combined forces of the network upgrade, whale accumulation, and market recovery, Ethereum is maintaining its upward trend. Whether it can break through $3,500 will be the next key focus for the market.