ETH Nears Fusaka Upgrade as Downtrend Continues

Ethereum is trading near the lower end of its current structure as the network prepares for the Fusaka upgrade on December 3. The activation arrives two days after quantitative tightening ends and one week before the FOMC meeting, creating a potentially important timing cluster. The chart shows ETH extending its multi-week decline, with price sliding steadily from its recent peak and approaching a potential turning point.

The current setup mirrors the period around the May 7 Pectra upgrade. Back then, ETH was also trending downward in a clear descending pattern before breaking the trendline and staging a strong recovery. After Pectra went live, Ethereum rallied through the summer, moving sharply higher from its lows. The current chart shows a similar structure: a prolonged downward move into an upgrade window, with ETH now hovering in the $2,700–$3,000 area.

Markets are watching whether Fusaka can act as a catalyst like Pectra did. The chart marks December 3 with clear emphasis on the timing between technical weakness and a major protocol adjustment. While the downtrend remains intact, the setup resembles earlier selloffs that preceded upgrade-driven reversals. The coming period could be a break-or-continuation moment, depending on whether ETH can stabilize and push through the descending resistance line.

This matters because Ethereum’s upgrade cycles often influence price behavior, sentiment, and liquidity across the broader market. A positive reaction to Fusaka could help ETH regain upward momentum and shift trend structure heading into year-end. A failure to stabilize may reinforce the ongoing downtrend. The upgrade will determine whether Ethereum follows its historical pattern of post-upgrade strength or takes a different path this time.

source: CRYPTOWZRD