Fusaka Upgrade Reignites Confidence in Ethereum, Analysts Eye $3,500 Target

[Ben Graham]

Ethereum (ETH) is topping talks once again as its Fusaka upgrade goes live and the ETH price returns firmly above the $3,200 mark. After weeks of choppy trading and lingering fear across the broader crypto market, the combination of a major technical overhaul and rising on-chain activity is giving traders a fresh narrative to follow.

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In the last 24 hours, ETH has climbed around 4–5%, outperforming most large-cap cryptos and reclaiming a key psychological zone near $3,200. Market data shows rising volumes and a noticeable pickup in accumulation from larger holders, even as sentiment indicators still sit in “Fear” territory.

Fusaka Upgrade Shifts Focus Back to Ethereum’s Scaling Roadmap

The Fusaka upgrade, Ethereum’s second major network update of 2025, activated at block height 18,200,000. At its core is PeerDAS, a data availability sampling system that lets nodes store only slices of blob data instead of entire payloads.

This change is estimated to expand blob throughput by roughly eight times, easing congestion and helping layer-2 networks push more transactions through Ethereum’s base layer.

Developers describe Fusaka as another step in Ethereum’s long-term scaling roadmap, aligning the main chain with growing layer-2 activity.

Beyond PeerDAS, the upgrade bundles a series of Ethereum Improvement Proposals that tweak gas limits, transaction sizes, cryptographic support, and block configuration, aiming to improve efficiency while keeping validator requirements manageable.

Whales, ETFs and Technical Signals Cluster Around $3,500

On-chain data shows “shark” wallets holding between 1,000 and 10,000 ETH have ramped up accumulation in recent weeks, buying aggressively on dips around $2,700–$3,000.

Institutional interest also appears to be rising. BitMine has reportedly added more than 18,000 ETH to its treasury ahead of Fusaka, while U.S. spot Ethereum ETFs have recorded notable net inflows.

Technically, ETH is trading around $3,200 with analysts watching resistance between $3,300 and $3,500. Short-term models project a move toward roughly $3,537 within days, implying upside of about 10% if the current trend holds.

However, indicators remain mixed. The broader setup is still labelled “bearish,” and any pullback could see ETH retesting support around $3,100, $3,000, or even the $2,850 zone.

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For now, the Fusaka upgrade has shifted the conversation back to fundamentals, with Ethereum’s price action testing whether renewed confidence is enough to carry it through the $3,500 barrier.

Cover image from ChatGPT, ETHUSD chart from Tradingview