Fusaka sparks ETH frenzy as buyer aggression hits four-month high

Analysts say a break above 1.0 in the buy/sell ratio could take Ethereum to the $3,500 to $4,000 level.

Ethereum (ETH) traders returned to action this week as buyer aggression surged to the strongest reading since early August, according to the latest Binance futures data.

The move follows the Fusaka network upgrade, activated on December 3, which seems to have almost immediately changed the mood on derivatives and on-chain metrics.

Market sentiment changes after the upgrade

According to pseudonymous analyst CryptoOnchain, the Taker Buy/Sell Ratio for ETH futures on Binance is jumped to 0.998, marking the metric’s highest level since early August and representing a sharp reversal from recent lows around 0.945.

“This recovery from the lows (0.945) shows that futures traders are viewing the Fusaka update as a bullish catalyst and are actively building long positions,” the analyst said. “Although the price is still hovering around $3,130, the acceleration of this ratio has surpassed the price itself and acts as a leading indicator.”

They also noted that a break above the 1.0 level would strongly indicate that the recent correction period has ended, and would mark the start of a run “toward the $3,500 to $4,000 targets.”

Spot market data also appears to support the shift. As noted by Arab Chain, the Cumulative Volume Delta (CVD), which tracks net buying and selling pressure, has shown positive moves with Ethereum trying to stabilize above $3,100. According to the company, this indicates that new liquidity is coming to the market.

Furthermore, so-called shark wallets, holding between 1,000 and 10,000 ETH, have been key drivers, with their accumulation pushing the price to a three-week high of $3,230 yesterday.

The upgrade was preceded by a record spike in network activity on November 26, when total gas consumption reached 215 billion, indicating that users and developers have positioned themselves heavily in advance of the upgrade.

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Institutional divergence and future price trajectory

Although futures traders and large holders are showing renewed interest, there is still a significant gap in institutional demand. Data from Bitwise revealed a sharp decline in purchases of public Digital Asset Treasuries (DATs).

Their monthly accumulation fell by 81% from August to November 2025, falling to 370,000 ETH last month. Observers have linked this dip to challenging market conditions that have reduced the purchasing power of these business entities.

Despite this institutional cooling, however, some prominent commentators remain optimistic about the long-term trajectory of the world’s second-largest cryptocurrency.

One of them, Fundstrat’s Tom Lee, during Binance Blockchain Week in Dubai, predicted a potential rise to $20,000 for ETH by 2026, coupled with an expected boom in real-world asset tokenization. This outlook suggests that fundamental utilities, rather than short-term money flows, could determine the next big cycle.

Currently, the asset is trading around $3,130, reflecting a modest 3.3% gain over the past week but remaining down about 6% this month.