Ethereum is currently trading near $3,800 after slipping below the $3,900 support level. This decline reflects growing bearish sentiment, largely driven by significant outflows from spot ETH ETFs and broader risk aversion in the crypto market. Despite the pressure, optimism is building ahead of Ethereum’s upcoming Fusaka upgrade, which is expected to enhance network performance and scalability.
Broader Crypto Market Faces Continued Weakness
The overall cryptocurrency market has declined by 1.0 percent in the past 24 hours, extending a monthly drop of 6.3 percent. Analysts point to a combination of uncertain macroeconomic indicators and large ETF withdrawals as key contributors to the downturn. Bitcoin, for instance, saw $519 million in ETF outflows but managed a modest recovery, stabilizing around $109,000. Traders are watching Ethereum closely, anticipating a potential rebound toward the $5,000 mark following the upgrade.
Fusaka Upgrade Set for December 3 Launch
Ethereum’s Fusaka upgrade is now live on the Hoodi testnet, with a mainnet rollout confirmed for December 3. Announced during the All Core Devs call, this upgrade introduces EIP-7594, also known as PeerDAS. This feature allows validators to access segmented data blobs, improving Layer 2 data handling and overall network efficiency.
Another key enhancement is the increase in block gas limits from 30 million to 150 million, significantly boosting scalability. Developers view Fusaka as a major step in Ethereum’s Surge roadmap, laying the groundwork for future innovations like full danksharding. The upgrade is also expected to stimulate on-chain activity and attract ETF inflows.
Technical Indicators Suggest a Potential Rally
A crypto analyst has identified a bullish pattern on Ethereum’s daily chart, suggesting the asset may be preparing for a strong upward move. Historical technical setups similar to the current one have preceded major rallies. If Ethereum breaks above $4,200, it could retest $4,300 and potentially aim for $5,000.
Frequently Asked Questions (FAQs)
- What is the current price of Ethereum?
As of October 31, 2025, Ethereum is trading around $3,838.
- When is the Fusaka upgrade scheduled?
The mainnet launch is set for December 3, following a successful testnet deployment.
- What are the key resistance and support levels?
Resistance lies near $4,000 and $4,200, while support is found around $3,700 and $3,500.
