Ethereum's network successfully activated its Fusaka upgrade on mainnet, a significant technical milestone executed smoothly at 4:49 PM ET following the 225th All Core Developers Execution meeting. The transition experienced only minor issues, including short participation drops for about 25% of validators using Prysm client and some Nethermind-Nimbus issues under review, all resolved within hours to maintain network stability.
Concurrently, the network is preparing for the first automated Blob Parameter-Only (BPO) hard fork scheduled for December 9. This upgrade is designed to automatically adjust blob parameters, improving data handling for rollups and enhancing Ethereum's scaling efficiency. It represents a strategic step in the post-Dencun roadmap, enabling faster and more adaptive network upgrades.
On the market front, institutional firm BitMine executed a massive accumulation of Ethereum, purchasing nearly $200 million worth of ETH (over 64,000 tokens) within 48 hours. The most recent batch of roughly 23,000 tokens was acquired on December 6 at prices slightly above $3,000 each. This buying spree strengthens BitMine's position as the largest institutional Ether treasury holder, with its disclosed holdings now at 3.73 million ETH valued over $11 billion.
Technical analysis presents a mixed picture. Ethereum's price has fallen more than 10% over the past month to trade near $3,000. Analysts point to the $2,600 zone as a critical support level. Market technician Merlijn describes this as a decision point mirroring May's structure: holding $2,600 could spark a reversal, while losing it risks a slide toward $1,500. Despite the correction, some analysts note bullish structural elements, with Ethereum maintaining above the 1D Bull Market Support Band and showing patterns of Higher Lows and Higher Highs.
The daily RSI hovers in neutral territory, and MACD momentum is flat, signaling market hesitation. On-chain data reveals wallets holding 1 to 10,000 ETH have been net sellers since recent peaks, while larger whales have been inactive, making BitMine's accumulation into weakness a standout action. Fundstrat's Tom Lee, who chairs BitMine, maintains long-term bullish projections, suggesting Ethereum could reach $12,000 if Bitcoin hits $250,000, and potentially exceed $60,000 if Ethereum's valuation relationship to Bitcoin strengthens amid tokenization demand.
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