Ethereum price rose 5% over the past 24 hours, trading at $3,184 as of 3:50 a.m., while trading volume increased 4% to $30.99 billion.
The ETH price increase comes after the Fusaka upgrade went live on the mainnet on December 3 at 21:49 UTC, increasing the block gas limit from 45 million to 150 million and promising smoother activity for users and apps.
Ethereum price signals from on-chain data
Data from the chain shows that Ethereum’s daily transactions do climbed above 1.8 million, reflecting the busy activity of DeFi, NFT and Layer 2 users.
Number of Ethereum transactions Source: CryptoQuant
With Fusaka increasing block capacity and improving data processing through PeerDAS and Verkle Trees, the network can now handle more of this traffic without the same level of congestion seen in previous bull runs.
Average transaction reimbursements have remained relatively low, around a few tens of cents, which is encouraging for smaller users and makes DEX trading and gaming more affordable. If fees remain stable while activity increases, this could indicate genuine organic demand, rather than just speculative flows
Layer 2 projects will likely be the main winners, as Fusaka’s larger blob capacity and data sampling tools should make it cheaper and more secure for them to settle transactions on Ethereum.
If rollups pass on these savings, more users from competing chains could move to Ethereum-based ecosystems, further supporting the ETH price.
Ethereum price prediction
ETH is trading around $3,194, after rising from recent lows around $2,750, but still below its 50-day simple moving average around $3,424 and its 200-day SMA near $3,534.
ETHUSD analysis source: TradingView
This means the broader trend is still neutral to slightly bearish, but the latest move is a clear attempt by bulls to regain control.
The main support now lies in the $2,740 to $2,750 area, where the price has recently reversed. And where a key Fibonacci level meets an ascending trendline from the spring lows. As long as ETH remains above this zone, the market will likely view dips as buying opportunities and not the start of a deeper downturn.
This means the broader trend is still neutral to slightly bearish, but the latest move is a clear attempt by bulls to regain control.
The main support now lies in the $2,740 to $2,750 area, where the price has recently reversed. And where a key Fibonacci level meets an ascending trendline from the spring lows. As long as ETH remains above this zone, the market will likely view dips as buying opportunities and not the start of a deeper collapse.
On the upside, the first major hurdle is the 50-day SMA around $3,424. This also corresponds to a cluster of recent highs. A daily close above this region would open the door for a move towards the 200-day SMA at around $3,534, after which the previous range would peak around $3,950.
Bullish Technicals could signal a rally ahead
Meanwhile, the RSI on a daily basis is recovering towards the mid-50s, strengthening but still leaving room for further gains before conditions become overbought.
The MACD is starting to rise out of oversold territory and a bullish crossover is forming, while the ADX around 40 is signaling a strong trend that may be shifting from bearish to bullish.
If buyers can push and hold ETH above $3,534, the next target is near $3,950 and beyond that, a move towards $4,950, close to the previous all-time high, cannot be ruled out in the coming months.
However, if ETH price fails to break the short-term moving averages and falls back below $2,740, the market could retest deeper support around $2,140 before a more sustainable rally begins.
Related articles:
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 in the App Store, Google Play
- Stake to earn native token $BEST
- 250,000+ monthly active users
#Ethereum #price #rises #Fusaka #upgrade #live