Ethereum price is up over 8% in the last 24 hours, trading at $3,070.40 as of 8:08 a.m. EST, while trading volume is up 16% to $29.81 billion.
That pump at the ETH price comes ahead of the highly anticipated Fusaka upgrade that goes live later today. The upgrade will activate at the start of era 411.392 and will bring a series of powerful improvements to the network aimed at increasing the scalability, security and usability of the blockchain.
Tomorrow: face
Ethereum’s second major upgrade this year.
→ Feature Highlight: PeerDAS – Unlocks up to 8x data throughput. For rollups, this means cheaper blob costs and more room to grow.
More information. https://t.co/3TOda5KjY2 pic.twitter.com/sEfeiTamy9
— Ethereum (@ethereum) December 2, 2025
One of those changes is PeerDAS. Instead of needing a validator or node to download entire blobs of layer 2 data, this upgrade allows nodes to randomly sample small portions of the data and verify availability.
A higher block gas limit will also be introduced. This means that each block on the Ethereum network can store more transactions, contract executions, and layer 2 data.
Other major upgrades include storage and data structure improvements, as well as protocol-level improvements and Ethereum Improvement Proposals (EIPs) aimed at optimizing the overall performance of the blockchain.
Before the Fusaka upgrade goes live, BitMine, the largest ETH treasury company in the world, has 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 wallet 0x52B7 — possibly linked to #Bitmine – just withdrew 30,278 $ETH($91.16 million) from #Kraken.https://t.co/EAHX1UiXeXhttps://t.co/m5FX261tsH pic.twitter.com/pHFDudcfxv
— Lookonchain (@lookonchain) December 3, 2025
That’s after the Ethereum Treasury company reportedly bought another 18,345 ETH in the last 24 hours.
Can the altcoin leader continue to rise as ETH price benefits from the hype surrounding the Fusaka upgrade?
Ethereum Price Trades in Consolidation Channel – Breakout Is Coming?
If you look at the daily chart for ETH, you will see that the altcoin has been trading in a sideways range between $2,722 and $3,099 in recent days.
Daily chart for WETH/USD (Source: GeckoTerminal)
Technical indicators are starting to show the first signs of a potential bullish move as ETH attempts to challenge the $3,099 mark.
The Moving Average Convergence Divergence (MACD) histogram is positive, a classic indication that momentum is in favor of the market bulls. Meanwhile, the MACD line breaks above the MACD signal line, indicating growing bullish momentum.
Buyers have also gained strength over sellers, as evidenced by the rising values of the Relative Strength Index (RSI) in recent days.
Currently the RSI around 47 shows that sellers still have a slight upper hand. However, the value near 50 suggests that control of the Ethereum price can be taken by both bulls and bears.
Important levels to watch out for for ETH
With the growing bullish momentum and rising RSI values, it looks like a bullish scenario is more likely to play out over the next 48 hours. If this is the case, Ethereum price could have the strength needed to overcome the $3,099 barrier and convert the upper boundary of the aforementioned sideways channel into support.
That would be an important development as the level also coincides with the 9 and 20 Exponential Moving Averages (EMAs), which have acted as dynamic support levels that have kept ETH low in recent weeks. As such, a break above the level could free up space for ETH to rise to $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 may then test the USD 2,722 support level. In an extreme case, the altcoin could even dive towards the support at $2,316 if the bears can overwhelm the bulls.
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