Ethereum Shows Bullish โSigns as โข$3,000 Support Tested, Fusaka Upgrade Looms
Berlin – Ethereum (ETH) is exhibiting classic bullish signals despite recent market volatility, with 700,000 ETH leaving exchanges in the last 30 days, suggesting long-termโค investors are accumulating โขholdings in cold storage. Expertsโข describe a phase of “discrete accumulation” were weaker investors are beingโค shaken out while those with a longer-term outlookโค position themselves. The crucial $3,000 price level has so far held firm,โ though its sustainability remains uncertain.
The outflow from exchanges – a key indicator โขof holding intentโค – โขcoincides with ongoing advancement aimed at improving Ethereum’s scalabilityโ and efficiency. The “Fusaka” hardโ fork upgrade,scheduled for late November or early December,focuses on significantly reducing transaction โขcosts and boosting performance for Layer 2 solutions like Arbitrumโค and Optimism. This timing is notably relevant as Ethereum network activity has surged, currently processing over 1.6 million transactions daily, a 25 percent increase year-over-year, and reaching โคanโ all-time high in November. Fusaka aims to capitalize on this momentum by further lowering fees and โฃincreasing throughput.
Industry adoption isโข also expanding. BitMine Immersion Technologies currently holds 3.5 million ETH,while BTCS has integrated the DeFiโฃ protocol Aaveโค into its corporate treasury. ETHZilla recently announced a $15 million partnership to tokenize real-world assets.
Macroeconomic headwinds, including a hawkish federal Reserve and a โstrong dollar, continue to pressure risk assets. Trading volume has decreased to $18-19 billion, indicating reduced market activity. Though, โa November 10thโค billโ introduced โin โคtheโค US Senate seeking to grant the CFTC regulatory authority over digital commodities offers a potential catalyst for โฃincreased institutional investment in Ethereum โขby providing clearer legal frameworks.
The central question remains whether the current market dip represents a healthy correction before anotherโ rally or the beginning of โa prolonged bear market. The launch of Fusaka and the resilience of the $3,000โค support level in the coming weeks will likely provide key insights.
