After weeks of sideways action and growing anticipation ahead of the December 3 Fusaka upgrade, Ethereum’s price is facing renewed volatility. Market sentiment remains split—some see this consolidation as a base for the next rally, while others warn that failure to hold above $3,450 could trigger a deeper correction. The coming weeks could define Ethereum’s short-term trend and set the tone for its 2025 outlook.
Support level under pressure
The “floor” for the price of Ethereum (ETH) is once again being tested around the $3,450 mark. Analysts highlight that if the ETH price fails to hold above this point, downward risk rises.
The price has dropped back down to the $3,450 level, with the market once again testing whether buyers will step in to defend this key support zone.
Ethereum has retested the $3,450 support level, and holding above it could enable a rebound toward the $3,715 range-top resistance. Source: bahardiba on TradingView
On the flip side, if buyers step in and the support holds, a rebound toward the upper boundary of the current range—around $3,715—becomes a plausible short-term target.
Within the current trading band, Ethereum has been moving between the $3,450 support and $3,715 resistance levels. This sideways action highlights a period of consolidation as traders assess the next major move. Market participants are closely watching whether the lower boundary can hold, as it has repeatedly acted as a key floor for the ETH price in recent weeks.
If Ethereum holds above the $3,450 support level, it could bounce upward toward the $3,715 resistance zone. In the near term, the price outlook depends heavily on this support, with a successful defense potentially setting the stage for a rebound toward the upper end of the trading range.
The $10,000 breakout scenario
A growing number of bullish analysts are setting their sights on a far more ambitious target for Ethereum, suggesting that the cryptocurrency could climb toward $10,000 by December 2025. The projection has sparked debate across the trading community, as many question whether such a dramatic rally is achievable within the limited timeframe. Reaching that milestone would require an increase of about 180% from current levels, a pace that would rival some of Ethereum’s strongest historical bull runs.
Analysts are debating whether Ethereum’s current chart structure supports the possibility of a rally toward $10,000 by December. Source: Ali Martinez via X
While optimism is fueled by upcoming catalysts such as the Fusaka network upgrade and renewed institutional interest, skeptics argue that the market may lack sufficient momentum to sustain such a steep ascent. They note that rallies of this scale typically unfold during prolonged bull-market phases driven by widespread retail participation and macroeconomic tailwinds. For now, the idea of Ethereum hitting $10,000 remains a bold forecast—possible, but dependent on an extraordinary alignment of technical, fundamental, and market factors.
Upgrade catalyst: Fusaka and scalability
One potential driver for a breakout toward higher levels is the upcoming Fusaka network upgrade, scheduled for activation on December 3, 2025. According to the Ethereum Foundation, the upgrade is expected to significantly enhance Ethereum’s throughput, potentially supporting greater demand for ETH. Among the key improvements, the block-gas limit will increase from 45 million to 150 million units, boosting processing capacity.
Ethereum’s Fusaka upgrade on December 3 aims to boost scalability, cut L2 costs, and improve decentralization—setting up a potential breakout ahead. Source: Bernie via X
Additionally, a per-transaction gas cap of 16.78 million has been introduced to prevent single transactions from consuming full block capacity, laying the foundation for parallel execution. Other protocol upgrades, including PeerDAS and Verkle Trees, aim to enhance Layer 2 scalability and improve support for roll-ups.
Market observers note that whale accumulation ahead of Fusaka is already building momentum, suggesting strong interest in ETH before the upgrade. If successfully implemented, Fusaka could provide the technological foundation for renewed rallying in Ethereum’s price, reinforcing bullish projections for the short to medium term.
Bear risks remain
Despite growing optimism, several cautionary signals suggest that Ethereum’s path to $10,000 may face significant hurdles. Achieving such a steep rally in a short period would require a rare alignment of technical strength, favorable macroeconomic conditions, and strong fundamental drivers.
Analysts emphasize that holding above the $3,450 support level remains critical; any sustained drop below it could invalidate the bullish outlook and trigger renewed downside momentum. Moreover, while the upcoming Fusaka upgrade offers long-term potential, it may not translate into immediate price gains, as broader market sentiment and macro headwinds—including regulatory uncertainty and potential delays in rate cuts—continue to weigh on investor confidence.
Technical outlook & key levels
From a technical viewpoint, Ethereum continues to hang around a key support area of $3,450, which has been serving as a floor for the crypto asset every time it moved higher. For this short-term price action to be maintained upwards, the price level should be kept above the mentioned threshold. The immediate resistance remains near the $3,715 mark, marking the upper boundary of Ethereum’s trading range.
Ethena was trading at around 3,543.19, down 0.15% in the last 24 hours at press time. Source: Ethereum price via Brave New Coin
A continuous breach of this level of resistance could pave the way for the $10,000 target by December; however, all this would need a combination of very strong catalysts: favorable macro conditions and a successful rollout of the Fusaka network upgrade on December 3, 2025. Up until that point, Ethereum’s trajectory is expected to be in a range-bound state, with traders closely watching these two key levels for confirmation of the next major move.
Final Thoughts
The Ethereum price outlook hinges on whether Ethereum can defend the $3,450 support level. If it does, a rebound toward $3,715 is likely.
A breakout toward $10,000 remains possible but would require strong follow-through from the Fusaka upgrade and broader bullish market conditions. Until then, trading remains in a defined range with upside potential balanced against clear downside risk.