Ethereum Struggles at Resistance as Whales Accumulate and Traders Eye December Fusaka Upgrade
Ethereum attempted to break through a key resistance level this week, but once again failed to secure a breakout, extending a rough month for the asset.
ETH is now down over 26% in November, even as large holders quietly increased their positions. Smaller traders, meanwhile, scaled back exposure—highlighting a split in market confidence as uncertainty builds.
Despite the downturn, Ethereum briefly tested the upper edge of its trading range, supported by renewed inflows into ETH-based ETFs and movement among whale wallets. Still, the resistance proved too strong.
Analysts Split on Near-Term Direction
Market analyst Ted Pillows described the setup simply:
- A decisive move above resistance with strong volume could spark a rally.
- Another rejection could keep ETH stuck in its current range.
Traders now look ahead to the Fusaka network upgrade, scheduled for December 3. The update aims to improve security, efficiency, and scalability. Some investors are drawing comparisons to the Pectra upgrade in May, which coincided with a 50% rally—though analysts warn that past performance doesn’t guarantee a similar reaction this time.
Technical Signals Mixed
Short-term indicators such as MACD and momentum histograms hinted at potential strength, but the resistance barrier prevented any meaningful upside follow-through.
Whales Buy the Dip — Small Traders Trim
On-chain data showed whales increasing their holdings, suggesting long-term conviction. At the same time, smaller traders reduced positions, likely reacting to volatility and a worsening monthly trend.
For now, Ethereum sits in limbo—caught between bullish accumulation and stubborn resistance. With the Fusaka upgrade approaching, traders are watching closely to see whether ETH finally breaks out or continues its slow drift within the range.
