Ethereum Falls Below $2.9K: Will the Fusaka Upgrade Save It? 🚨

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Ethereum price has broken below the $2,900 support with rising whale sell pressure, but upcoming Fusaka upgrade could boost sentiment. 🧠💸

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Signals from Binance flows also support this view. The Bitcoin Exchange Whale Ratio has sharply increased, indicating that large holders account for the majority of inflows into the exchange. Whales are the crypto version of a group of people who all decided to leave a party at once. 🚪

When whales dominate exchange activity, it often means they are preparing for downside by selling more or increasing their hedging. Since Bitcoin usually sets the pace for the rest of the market, concentrated whale outflows there end up creating indirect pressure on Ethereum. 🐦‍⬛

At the same time, declining open interest on Ethereum reinforces the idea that traders are exiting rather than defending the level that recently broke. Because nothing says “I’m scared” like a mass exodus. 🏃‍♂️💨

Fusaka upgrade may help shift sentiment 🚀

The Fusaka upgrade is set for Dec. 3 and marks an important step in Ethereum’s ongoing scaling plans. Its main goals are to reduce data load, lower the cost of rollup transactions, and make block space more efficient. The Fusaka upgrade is the crypto equivalent of a “fix it” button on a broken toaster. 🔌

Peer Data Availability Sampling allows nodes to verify blob data without downloading the full payload, cutting resource requirements and supporting higher throughput for rollups. It’s like giving your computer a vacation. 🏖️

Expanded blob capacity, revised fee mechanics, leaner historical data storage, and smoother proposer scheduling all work together to make the base layer faster and more predictable while lowering costs for users. Because nothing says “I’m a good neighbor” like lower fees. 🏡

These changes help Ethereum over the long run, but they won’t necessarily undo the bearish setup we’re seeing right now. If lower fees and higher throughput bring more activity on-chain, fee burns would rise and ETH’s economic profile would improve, which could help support a recovery later on. But let’s be real-this is crypto. Nothing is guaranteed. 🤷‍♀️

Ethereum price technical analysis 📈

The chart is clearly in a downtrend, with the price stuck below all major moving averages. Both short- and long-term averages point to ongoing selling pressure. After a sharp drop, the Bollinger Bands have widened, and the relative strength index sits around 33, showing no sign of a reversal yet. The chart is basically a sad trombone. 🎺

MACD is still negative even though it is trying to flatten. The commodity channel index leans neutral, while stochastic sits in the low-mid range without strong momentum. MACD is like a stubborn toddler refusing to share. 🍼

Immediate support is near $2700 and deeper support lies around $2,250. Bulls need a clear reclaim of the 3,000 zone to shift momentum, while staying below the current range keeps the bearish path in place. The bulls are basically trying to climb a mountain made of bricks. 🏔️

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2025-12-02 12:10