Technical analysis by KrisadaYoonaisil about Symbol ETH on 12/4/2025

Sentiment-driven swings as Ethereum awaits Fusaka Technical Analysis 1. After a few months of downtrend, ETHUSD rebounded significantly after finding support around the 61.8% Fibonacci retracement level near 2700. 2. Although price has formed higher swings, it is still too early to call a bullish reversal, as the bearish EMA stack continues to signal a bearish momentum, and the price has been in a downtrend for an extended period. 3. Price still has chance to pull back, a break below the support at 2700 would open the way toward the next support around 2110, near the 78.6% Fibonacci retracement. 4. Alternatively, if the downtrend has already ended, ETHUSD may consolidate sideways for a while. Fundamental Analysis 5. High leverage in the market triggers cascading liquidations during sell-offs. Leverage conditions in the derivatives market amplify short-term volatility for ETH, rather than altering the long-term trend, although this has caused severe price swings at the moment. Consequently, the current price movement is due to market sentiment rather than fundamentals. 6. Currently, the market expects a Fed rate cut, driving fund flow into risky assets, including tech stocks and crypto, which also support the price. 7. Ethereum’s next major milestone is the Fusaka Upgrade, which aims to enhance network capabilities, increase the block gas limit, and lower costs for Layer 2 solutions. This marks the second major hard fork of the year, following Pectra. Several studies suggest that major upgrades are often followed by price appreciation in the subsequent period, after short-term volatility surrounding the upgrade date. 8. Therefore, amidst this lack of significant catalysts, prices may remain volatile for some time while awaiting the next crypto cycle to drive momentum. Analysis by: Krisada Yoonaisil, Financial Markets Strategist at Exness