TLDR
- Ethereum broke out of a falling wedge pattern that formed from July to November, now trading at $3,201 with renewed buyer strength
- Whales opened $426 million in long positions as futures open interest jumped $512 million overnight, showing strong institutional conviction
- BlackRock filed for a staked ETH ETF that will invest 70-90% of assets with custodians like Coinbase, incorporating staking rewards
- Key resistance levels sit at $3,500 and $3,750, with a clear path to $4,000 if buyers maintain control above current support at $2,823
- The Fusaka upgrade went live in November 2025, boosting data capacity eightfold and potentially driving higher network activity
Ethereum price closed at $3,201 after breaking above a falling wedge pattern that compressed price action from July through late November. The breakout marks a shift in market structure as buyers defend key support zones.
The falling wedge created lower highs and lower lows until buyers pushed price above the upper trendline. Trading volume increased during the break, confirming the directional move.
Perfect confluence for $ETH: wedge resistance + supply zone.
Clear this area and momentum flips decisively. pic.twitter.com/BuoLdpteAm
— TrendSpider (@TrendSpider) December 8, 2025
Support now sits at $2,823, which marks the breakout retest zone. Buyers have held this level through multiple tests. A daily close below this area would signal weakness.
The first resistance level sits at $3,500. Previous rallies failed at this price point. A close above this level would open the path toward higher targets.
Next resistance appears at $3,750. Buyers need to convert this zone into support for continued upward movement. Above that level, the path to $4,000 becomes clearer.
Technical indicators support the current structure. The Parabolic SAR prints below price candles, showing upward momentum. The MACD line trades above the signal line with green histogram bars.
Whale Activity Increases
Large holders opened $426 million in ETH long positions following the wedge breakout. This accumulation shows conviction from bigger wallets at current price levels.
Ethereum whales are loading up on leveraged longs as ETH holds above $3,000:
$426M in new long positions
Major wallets increasing exposure
Sentiment shifting toward a rebound
Positions: 1011short ($169M), Anti-CZ ($194M), pension-usdt.eth ($62.5M) pic.twitter.com/6aBYN5dPlb— Satoshi Talks (@Satoshi_Talks) December 8, 2025
Futures open interest jumped $512 million overnight. The increase in open interest paired with rising prices suggests new money entering the market rather than just position shuffling.
These long positions help absorb selling pressure at important levels. When whales defend price zones with large positions, it reduces the chance of deep pullbacks.
The positioning comes as institutional demand expands. BlackRock filed for a staked ETH ETF that will hold 70 to 90 percent of assets with custodians including Coinbase Custody and Anchorage Digital.
Fusaka Upgrade Impact
The Fusaka upgrade went live in November 2025, increasing data blob capacity from 6 to 48 per block. This change boosts network throughput and reduces Layer-2 transaction fees.
The upgrade scales the network to handle up to 100,000 transactions per second. Higher capacity could attract more developers and users to the Ethereum ecosystem.
Stablecoin volume reached $2.82 trillion in October. Increased network activity from the Fusaka upgrade could drive more transaction fees and ETH burns.
Daily active addresses on Ethereum hit 1.2 million, up 12 percent over the past week. Network usage continues to grow as more users interact with the blockchain.
Ethereum now trades with a market cap near $380 billion. The 30-day volatility averaged 7.48 percent during the recent consolidation period.
The RSI on weekly charts shows a reading of 31, indicating oversold conditions that often precede buyer interest. Price sits comfortably above the $3,000 psychological level.
Institutional ETH holdings total $13 billion across various investment vehicles. The BlackRock staking ETF filing adds another regulated product for traditional investors.
