Ethereum Tests $3,000 as Analysts Predict 50% December Surge

Ethereum (ETH) is attempting to rebound from the Q4 market correction and retest the $3,000 level. This follows a 4.4% daily surge after trading between $2,680-$2,980 amid recent market corrections.

Key Developments

ETH broke above $2,900 but failed to maintain it, indicating potential for new lows unless it reclaims the $3,000 zone with strong volume.
The upcoming Fusaka upgrade on December 3 aims to improve data availability for rollups, potentially boosting ETH's value.
Historical performance after upgrades like Pectra suggests a possible rally to over $4,000 if similar patterns repeat.

Market Observations

Merlijn The Trader notes ETH might be following a bullish wave pattern, hinting at another rally.
Michaël van de Poppe highlights a potential breakout of ETH against Bitcoin, maintaining that the cycle is ongoing.
Rekt Capital observes Ethereum Dominance in an area that previously led to a rally, suggesting potential for increased market dominance.

Currently, ETH is trading at $3,023, marking a 2% weekly increase.