Could ETH Be Gearing Up for a New ATH Run?

Key Insights:

• Ethereum eyes a 75% recovery move as daily close fuels bullish technical momentum.
• Fusaka upgrade set for December 3 may mirror previous upgrade’s positive price reaction.
• ETF fund flows down 5 of 6 weeks, raising concerns over ETH price sustainability.

Ethereum price is trading near $2,800 as market activity increases ahead of upcoming network and macroeconomic events. With several technical signals aligning and new upgrades approaching, many investors are watching closely to see whether ETH could be preparing for a strong upward move.

Positive Daily Close Sparks Talk of Recovery

Ethereum recently closed a daily candle, and this has renewed optimism among bullish analysts. According to market analyst Javon Marks, “$ETH is further solidifying a hidden bull,” suggesting a possible recovery of over 75% from current levels.

This projection points towards Ethereum reaching its previous all-time high of $4,958.75. At present, Ethereum trades at $2,799.59, showing a 1.12% drop in the last 24 hours. While the price dipped slightly, many see the strong daily close as a sign of strength in the market.

Traders are closely monitoring technical setups. Some expect ETH to push higher if it holds above key support levels. Others remain cautious, pointing to the low volume and resistance zones still ahead.

Ethereum’s Upcoming “Fusaka” Upgrade

Meanwhile, the Ethereum network is scheduled to undergo the Fusaka upgrade on December 3. This comes two days after the Fed’s Quantitative Tightening period ends and one week before the next FOMC meeting.

Based on a Crypto analyst, “The Ethereum Fusaka upgrade is scheduled to go live… When the Pectra upgrade occurred, it gave $ETH a boost. Will it be F-U-saka or break the downtrend?”

That event led to a short-term price lift, and now eyes are on whether Fusaka will have a similar. The combination of macro events, network upgrades, and technical patterns could shape its price direction heading into 2026.

ETF Fund Flows Show Weakness

Furthermore, Ethereum ETF fund flows have dropped in five of the past six weeks. Analyst Timothy Peterson noted that these flows have led ETH’s price direction over the same time.

Peterson warned, $ETH could fall to $2,000 or lower, unless fund flows improve. However, a rebound in inflows could help stabilize the asset’s value in the short term.

The divergence between fund flows and technical signals has left the market divided on ETH’s next move. With the Fusaka upgrade approaching and traders watching fund data closely, Ethereum’s next move is still uncertain.