Ethereum continues to trade near the lower edge of its recent range, holding around $2,943 after losing around 30% in the past month. Price action has been largely sideways in recent sessions, with daily volatility reduced and trading volume down by roughly 50% compared to the previous month.
The token is currently sitting close to the lower Bollinger Band, with resistance near the Volume-Weighted Average Price (VWAP) of $3,932 still far from reach.
Despite the muted trading activity, technical indicators suggest the current correction phase may be slowing. The Relative Strength Index (RSI) remains subdued, with RSI(14) at 37 and RSI(7) at 42. While not yet in extreme oversold territory, both readings are below the midline and typically indicate a weaker momentum environment.
The Awesome Oscillator, though still negative, shows signs of stabilization, hinting that bearish pressure may be fading. Meanwhile, the Average Directional Index (ADX) is at 47 – confirming a strong trend is still in place, though it does not indicate direction on its own.
The 100% Fibonacci retracement level near $2,624 continues to serve as key support, with resistance expected near the 78.6% retracement level around $3,123. These levels will likely remain in focus unless a significant shift in sentiment or external trigger causes a break in the current structure.
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Fusaka Upgrade Scheduled for December 3
Attention is also turning toward Ethereum’s upcoming Fusaka upgrade, which is confirmed for mainnet activation on December 3. The upgrade follows successful testnet deployments on Holesky, Sepolia, and Hoodi, and includes several changes aimed at improving data handling and scalability.
The block gas limit will also increase from 30 million to 150 million, allowing more transactions per block. Several Ethereum Improvement Proposals (EIPs) are included, focusing on scalability and performance. A $2 million bug bounty program is underway ahead of the rollout.
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Market Outlook
Ethereum’s recent price weakness is related to broader risk-off sentiment, with other digital assets also experiencing slowdowns in trading activity. However, the confirmed timeline for the Fusaka upgrade and ongoing developments on the protocol level could shift sentiment, especially if it delivers improved network efficiency.
For now, Ethereum holds above key support, with the next move likely to depend on market response to the December upgrade. Technical analysis shows conditions for a bounce are present, but confirmation remains absent.
