Technical Analysis – Ether gains over 5% to test 3,200 on Fusaka upgrade
- extends rebound from 20-day SMA to two-week high
- Bollinger uptrend channel engaged since Wednesday offers hope for bulls
- Momentum indicators confirm upside bias, but still at neutral levels
is trending higher, extending a rebound of over 5% from the 20-day simple moving average (SMA) to a two-week high, reaching an intraday peak of 3,238 later than a major network upgrade aimed at improving scalability. ETH activated its highly anticipated Fusaka upgrade on Wednesday, marking the blockchain’s second major code change in 2025, following the Pectra upgrade in May.
The price is currently trading just below 3,200, having snapped a descending trendline drawn from its record high of 4,955 – a line that has capped every rebound since late October. Ether now sits at a critical confluence zone that includes the 23.6% Fibonacci retracement of the October-November pullback at 3,171 and the upper Bollinger band.
The bulls have a short-term edge inside the upper Bollinger channel, but the real test lies between 3,418 and 3,512, where the 50-day and 200-day SMAs converge. That said, the momentum indicators, including the MACD and the RSI, are supporting the upside, both edging higher from bearish territory toward neutral thresholds.
However, the broader trend remains bearish, and unless secures a decisive close above 3,200, any future rallies risk stalling. On the downside, initial support is viewn at the psychologically significant 3,050 – a former key resistance level. A break below this could expose 2,800, a level that absorbed repeated hits throughout November.
In short, Ether is marching upward for the past three sessions, attempting to breach the critical 3,200 threshold. A solid close above this level would confirm a breakout above the short-term descending trendline and open the path toward its 2026 target of 4,000.
