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Ethereum Activates Fusaka Upgrade Amid Market Decline and Liquidations

Ethereum Price Decline

  • Ethereum fell over 2% in 24 hours, dropping below $3,000.
  • Around $500 million in long positions were liquidated, with $79 million out of $106 million being ETH-focused contracts.
  • Trading volume increased by 200% to $33.2 billion during the decline.
  • The broader crypto market contracted by 1.2%, losing approximately $1100 billion in value.
  • Despite the downturn, BitMine Immersion Technologies increased its holdings by 96,798 ETH.

Ethereum ETH ETHUSD ETH price

Fusaka Upgrade

  • Ethereum's Fusaka upgrade is set to activate on December 3.
  • Introduces PeerDAS, aiming to reduce validator bandwidth needs by up to 85% and lower Layer 2 transaction fees by 40–60%.
  • Raises block gas limit to 60 million, enhancing transaction capacity.
  • Updates to Ethereum Virtual Machine streamline smart contract execution.
  • Increased interest from financial players like Amundi and Fidelity in tokenized products on Ethereum.

Ethereum Technical Outlook

  • ETH traded around $2,807, with bearish indicators.
  • MACD remains negative; RSI at 32 indicates oversold conditions.
  • Key support levels: $2,700 and $2,500. Resistance: $2,900–$3,000.
  • Open Interest rose 4.3%, indicating trader activity preparing for volatility.

Whether the Fusaka upgrade can positively influence market sentiment is uncertain, but its scaling impact may aid in Ethereum’s recovery.