Ethereum Surges to Three-Week Peak Following Successful Fusaka Upgrade
The Ethereum network sees significant price movement fueled by accumulation from major wallets.
Ethereum prices have seen a significant increase, primarily following the successful rollout of the Fusaka upgrade. According to Santiment, accumulation from so-called ‘shark wallets’, holding between 1,000 and 10,000 ETH, has driven the asset’s price to $3,230, marking its highest level since mid-November.
These wallets have historically indicated bullish sentiment for Ethereum’s price, with the number of new network wallets exceeding 190,000 in a single day.
🦈📈 Ethereum has climbed back to $3,215 on strong accumulation from shark wallets holding 1K-10K $ETH. These wallets have been key alpha for the #2 coin’s price throughout 2025. Additionally, ETH’s network growth just hit 190K new wallets in one day.
Successful Ethereum Upgrade
This positive trend follows the successful implementation of the Fusaka upgrade on Wednesday.
“Fusaka went well, and L2s posting blobs without missing a beat,” said Ethereum developer Terence Tsao. “Credit to all the teams. L1 and L2s are running as one well-oiled machine that moves forward together.”
Fusaka is a crucial milestone on Ethereum’s roadmap, aiming to enhance Layer 1 performance, expand blob capacity, and reduce rollup costs.
“Two major Ethereum upgrades this year is a huge win,” remarked Ryan Sean Adams from Bankless, adding, “I haven’t seen builder momentum this strong since the Merge in 2022.”
Ethereum also attained a peak daily gas usage exceeding 200 billion units on December 3, coinciding with the Fusaka upgrade’s activation, as noted by Sam Altcoin.
Analyst Ted Pillows mentioned, “If the ETH/BTC ratio can reclaim the 50-week exponential moving average, we could see upward momentum for both ETH and altcoins.”
Future Price Projections
As of early Thursday trading in Asia, Ether briefly reached a three-week peak at $3,230 but later dipped slightly to $3,200.
The asset has bounced back 16% since hitting a low of $2,740 earlier this week during the latest leverage flush. In comparison, Bitcoin has seen a 10% recovery from its recent low of $83,500.
Despite this recovery, Ether is still down 35% from its all-time high and is trailing 4.5% year-to-date.
