Ethereum Pops Back Over $3K — Can Bulls Push to $3,400?

Ethereum has reclaimed the $3,000 level after briefly dipping below $2,900, now trading at $3,020.87 with a 2.71% gain in 24 hours. The second-largest cryptocurrency has posted a 4.76% increase over the last seven weeks, pushing its market cap to $364.21 billion.

Trading volume has declined 3.03%, suggesting reduced selling pressure and increased holding among investors. The price recovery comes as multiple catalysts align to support potential upside momentum.

Ethereum Fusaka Upgrade and Institutional Buying Fuel Rally

Christine Kim, a researcher tracking Ethereum’s development, announced the Fusaka upgrade will launch by December 3. The update introduces PeerDAS technology, doubling blob capacity for Layer 2 solutions and reducing transaction fees by approximately 95%.

Ethereum pumped over 50% following the Pectra upgrade in May. The Fusaka upgrade could serve as a similar catalyst for price appreciation.

Bitmine Immersion acquired 69,822 ETH worth $197.25 million last week. The firm now holds 3.6 million ETH valued at $10.25 billion, representing 3% of total ETH supply and the world’s largest Ethereum treasury.

Meanwhile, BlackRock received 15,722 ETH worth $46.24 million from Coinbase Prime on November 26, according to Lookonchain. The asset manager also received 953 BTC worth $83.43 million from the exchange.

According to Lookonchain, Ethereum ETFs recorded a total netflow of 33,185 ETH, equivalent to $96.57 million, in the last 24 hours. However, the past seven days show an outflow of 415 ETH worth $1.21 million.

Nov 26 Update:#Bitcoin ETFs:
1D NetFlow: +1,915 $BTC(+$165.78M) 🟢
7D NetFlow: -5,368 $BTC(-$464.82M)🔴#Ethereum ETFs:
1D NetFlow: +33,185 $ETH(+$96.57M)🟢
7D NetFlow: -415 $ETH(-$1.21M)🔴#Solana ETFs:
1D NetFlow: +318,222 $SOL(+$43.28M)🟢 pic.twitter.com/aqkSzY2wWn

— Lookonchain (@lookonchain) November 26, 2025

Large-scale institutional buying reduces liquid supply. The ETH/BTC ratio rose 12% year-to-date, reflecting relative strength against Bitcoin.

Ethereum Whale Movements and Network Expansion Plans

An early Ethereum ICO investor offloaded 20,000 ETH worth $58.14 million through FalconX. The investor’s original allocation of 254,908 ETH cost only $79,000 and is now valued at $757 million, representing a 9,582x return.

One whale who previously sold 30,000 ETH at $4,202, locking in $35.4 million profit, has bought back 18,000 ETH worth $63.65 million, per Yu Jin.

Over the past two hours, three whales opened significant long positions on Hyperliquid. With all position on ETH totaling to be 12,176 ETH worth $35.65 million, and for BTC, 657.9 BTC worth $57.23 million.

Ethereum co-founder Vitalik Buterin noted Ethereum’s gas limit will see targeted increases for computationally heavy operations by 2026. Buterin also moved 1,009 ETH worth $2.94 million today.

Glassnode data reveals 38.37% of Ethereum’s supply trades below holders’ cost basis. Bitcoin shows 34.91% underwater, while Solana faces the deepest strain at 74.84%.

Here’s the percent of supply in loss, for top assets:

🟠 BTC: 34.91%
⚫ XRP: 36.70% l
🔵 ETH: 38.37%
🟣 SOL: 74.84%

📉https://t.co/YuJxYtm0uY https://t.co/oPr1Ck1hgI pic.twitter.com/vrYhvPCl5d

— glassnode (@glassnode) November 25, 2025

The 30-day price remains down 27.8%, reflecting lingering macro risks despite recent recovery momentum.

Ethereum Tests $3,034 with RSI Recovery and Key Resistance at $3,100

Ethereum currently trades at $3,034.13, testing mid-range resistance after recovering from late November lows near $2,800. The asset has reclaimed the 7-day SMA at $2,871 and approaches the 30-day EMA at $3,289.

The RSI sits at 41.48, recovering from oversold territory but remaining in neutral-to-weak zone. The indicator has room for further upside before reaching overbought conditions.

The MACD histogram turned positive at 2.32, signaling a bullish crossover as the MACD line crossed above the signal line. Both lines remain deeply negative, indicating the broader downtrend persists despite early momentum shifts.

Immediate resistance stands at $3,100, representing a critical short-term barrier. Secondary resistance appears at $3,247, the 61.8% Fibonacci retracement level. Major resistance sits at $3,400, a psychological level and previous consolidation zone.

Support levels include $2,960 at the 7-day SMA, $2,800 at the recent swing low, and $2,500-$2,600 as strong psychological support.

Volume has declined during the recent recovery, requiring confirmation for sustained upward movement. A clean close above $3,100 with volume exceeding 30,000 ETH would signal continuation toward $3,400.

Ethereum stands at a critical inflection point. Reclaimed moving averages and positive MACD histogram indicate improving short-term momentum. However, neutral RSI and overhead resistance clusters suggest caution before confirming directional bias toward $3,400.