Ethereum’s End-Of-Year Rally Still At Play? Analysts Eye 50% December Jump
Overview
Ethereum (ETH) is currently attempting to recover from a market correction experienced in the fourth quarter. As the end of November approaches, some analysts believe that an end-of-year rally could still materialize, with Ethereum once again testing the $3,000 mark.
Recent Performance
On Wednesday, Ethereum saw a daily surge of 4.4%, marking its first attempt to retest the $3,000 level in nearly a week. The cryptocurrency has been fluctuating within the $2,680 to $2,980 price range amid a broader market correction, which has also affected Bitcoin (BTC). Earlier in the week, Ethereum briefly broke above the $2,900 level but struggled to reclaim it.
Analyst Ted Pillows noted that Ethereum had “tapped the $2,950-$3,000 zone again and got rejected.” He emphasized that unless Ethereum can successfully reclaim this level, the likelihood of a new low remains significant. However, if the cryptocurrency breaks above this zone with strong volume in the days to come, it may lead to a rally towards higher resistance levels.
The upcoming Fusaka upgrade is anticipated to play a significant role in Ethereum’s performance. Analysts recall that after the previous Pectra upgrade in May, Ethereum experienced a substantial rally, increasing from the $1,800 level to approximately $2,700 within a week. This upgrade led to an 80% increase in the third quarter, culminating in an all-time high of $4,946.
The Fusaka upgrade, set for December 3, is considered the most significant update since The Merge and aims to address critical network bottlenecks, particularly concerning data availability for rollups. Analysts suggest that if Ethereum’s price performance mirrors that of the post-Pectra upgrade, it could surpass the $4,000 resistance in the following weeks.
Market Sentiment
Market watcher Merlijn The Trader has observed that Ethereum may be poised for another upward movement, indicating that it is “repeating a textbook wave structure” seen multiple times since mid-2022. This structure consists of distinct waves: the initial wave kickstarting the cycle, the second wave shaking out weaker investors, and the third wave potentially leading to a significant price increase.
Similarly, Michaël van de Poppe has highlighted Ethereum’s trading pair against Bitcoin, noting that ETH is retesting a multi-month downtrend line resistance against BTC. He believes this could lead to a strong breakout in the coming weeks.
Rekt Capital has pointed out that Ethereum’s dominance in the market remains above a critical threshold, which served as a consolidation zone prior to the rally in 2021. Maintaining dominance above 10.05% could position Ethereum for higher market dominance over time.
Impact on the crypto market
- Ethereum is attempting to recover from a Q4 market correction, retesting the $3,000 barrier.
- The upcoming Fusaka upgrade is expected to be a significant catalyst for potential price movements.
- Analysts are observing wave structures and trading patterns that suggest a possible upward trend for Ethereum.
- Ethereum’s market dominance remains stable, indicating potential for future growth.
- The performance of Ethereum could influence broader market sentiment and the behavior of other cryptocurrencies.
Updated: 11/27/2025, 11:23:23 AM
