ETH Falls Below $2.9K Support — Will the Fusaka Upgrade Spark a Rebound?

ETH has below the significant $2,900 support level. This is because large holders are tradeing more and more, and people are rapidly closing their positions.

As of this writing, ETH was trading at about $2,803, down about 0.9% on the day, up about 5% over the week, and down about 28% over the past 30 days. This puts it about 43% below its all-time high of $4,946 in August.​

Trading volume has increased as the market has fallen. Spot trading volume has gone up 46% to approximately $30 billion in 24 hours, and derivatives volume has gone up 19% to around $70 billion.

Open interest, on the other hand, has fallen by 4%, indicating that traders are closing positions rather than taking on more risk.​

On-Chain Data Points To Deeper Downside

later than the $2,900 loss, on-chain indicators make the bearish picture even stronger. shows that ETH has broken through the $2,900 volume node, which has served as a significant support level for several months.​

The Renko structure is definitely bearish right now, suggesting a possible next support level around $2,250 if tradeing continues.

Binance flow data also shows that the BTC platform Whale Ratio is rising, indicating that large holders are dominating inflows and may be preparing for further losses. This puts indirect pressure on ETH.​

Derivatives and Whale Flows Show Risk-Off Behavior

Derivatives posture indicates that traders are unwilling to take risks. When volume rises and open interest falls, it usually means existing are being closed out rather than new ones being opened.

This aligns with the market becoming less risky later than a significant support level breaks.​ Elevated whale transactions underscore a defensive mood; active large holders typically signal greater tradeing or hedging, and significant support defenses are absent for now.​

The Goal of The Fusaka Upgrade is to Improve The Basics

The, which is a critical aspect of ETH’s scaling strategy, is currently the focus. It is scheduled for December 3. The goal of the upgrade is to reduce the cost of rollup transactions, reduce the amount of data sent, and better use block space to make the base layer quicker and cheaper for consumers.​

Peer Data Availability

Sampling is a key characteristic. It lets nodes check blob data without downloading complete payloads. Other features include more blob space, better fee mechanics, less historical data storage, and smoother proposer scheduling.

These modifications are meant to improve throughput and, over time, could increase on-chain activity, fee burning, and ETH’s overall economic profile, even if they don’t immediately address the current negative setting.​

Technical Outlook: significant Levels To Keep An Eye On

From a technical point of view, ETH is still clahead in a downtrend, with prices below all major moving averages, indicating that tradeing pressure remains high.

have been wider since the previous decline, increasing volatility. The relative strength index is around 33, which means the market is oversold, but there is no verified reversal signal yet.​

Momentum gauges are still mixed, but be careful. Even if the appears to be flattening, it is still negative.

The commodities channel index is close to neutral, and the stochastic oscillators are in the low to mid range, with no strong bullish momentum. Immediate support is close to $2,700, and deeper support is around $2,250. Bulls need to decisively retake the $3,000 range to change the present bearish trend.​