ETH Price Rally to $5766, Expert Says as Fusaka Upgrade Launches

Following its recent bounce back above $3,000, the Ethereum price continues to drive further momentum. ETH price is up another 4.5% today, moving past $3,200. This comes as the Ethereum Fusaka upgrade goes live, in a major boost to the network’s scalability.

ETH Price Rallies on Shark Wallet Accumulation

Ethereum is outperforming the altcoin space, while the rest of the market consolidates. Blockchain analytics firm Santiment noted that it comes amid renewed shark wallet accumulation.

Shark wallets holding 1,000–10,000 ETH scooped up supplies. They acted quickly during the recent ETH price dips.

Santiment also highlighted a surge in on-chain activity, with Ethereum recording 190,000 newly created wallets in a single day. This also marks the strongest network growth signal for 2025.

On the other hand, inflows into spot Ethereum ETFs have bounced back sharply on Wednesday, December 3. As per data from Farside Investors, the net inflows across all US ETFs stood at $140 million.

BlackRock’s Ethereum ETF (ETHA) recorded net inflows of 16,930 ETH, valued at $51.81 million. The fund also reported $1 billion in trading volume. This highlights renewed investor interest in Ethereum-backed exchange-traded products.

Analyst Predicts an ETH Price Rally to $5766

With Ethereum showing signs of recovery, analysts believe that the worst could be behind us. Market analyst Donald Dean observed the weekly chart of the ETH price. He noted a potential inverse head-and-shoulders pattern forming.

This sets the stage for a major Ethereum upside, moving ahead. Dean pointed to strong support near the 50% Fibonacci retracement level at around $2,750. The analyst added that a hammer candle has appeared at the support, which is a bullish signal.

If the pattern confirms, Dean outlined initial upside targets at $4,109. He also assigned a secondary target of $5,766. This is closely aligned with the 1.618 Fibonacci extension at $5,793.51.

In the near term, crypto analyst Ali Martinez highlighted two critical price zones for Ethereum. According to Martinez, $3,180 currently acts as a major resistance zone.

At the same time, $2,800 serves as a key support area. The analyst noted that approximately 2.6 million ETH were accumulated at each level.

Ethereum Fusaka Upgrade Goes Live

Ethereum Fusaka upgrade went live on December 3, as the second major upgrade of the blockchain platform. This upgrade brings major improvements in data capacity, lower transaction costs, and enhanced network usability. Speaking on the development, the Ethereum Foundation noted:

The upgrade was activated on the Ethereum mainnet at 9:49 pm UTC on Wednesday at Epoch 411392. Peer data availability sampling (PeerDAS) delivers a major scalability boost. It enhances performance for both Ethereum and layer-2 networks.

The Ethereum Foundation released a detailed explainer earlier this week. It outlined Fusaka’s impact on users, developers, node operators, L2s, rollups, and enterprise adopters.