Ethereum attempted to break through a major resistance level this week but once again, the market pushed it back. The asset has had a tough month, sliding more than 26% in November, even as ETF inflows and large whale movements tried to support the price.
Recent data from CoinGecko shows Ether repeatedly testing the upper boundary of its trading range, but each attempt has stalled. Market analyst Ted Pillows put it bluntly: if ETH can push above this zone with strong volume, the market could see a meaningful breakout. If not, the price may remain locked in a sideways range.
Whales Accumulate, Small Traders Trim Positions
Large ETH holders have been quietly increasing their positions throughout the downturn. Smaller traders, however, have been selling into weakness a sign of diverging strategies as uncertainty hangs over the broader crypto market.
This dynamic often appears during pullbacks, with whales positioning for future upside while retail traders cut exposure.
All Eyes on the December 3 Fusaka Upgrade
Ethereum’s next major network upgrade, called Fusaka, is scheduled for December 3. The update aims to improve efficiency, enhance security, and expand the network’s scalability all key steps in Ethereum’s long-term roadmap.
Traders are cautiously optimistic, remembering that the Pectra upgrade in May coincided with a massive 50% surge in ETH’s price. Still, analysts warn that history doesn’t guarantee a repeat performance. Broader market sentiment, ETF flows, and macroeconomic conditions will play a large role in determining whether ETH can rally after Fusaka goes live.
Technical Signals Improve, but Resistance Stands Firm
Some short-term technical indicators are flashing early signs of strength. The MACD and market histograms have started turning positive, hinting at the potential for a rebound. But so far, Ethereum hasn’t been able to break through the resistance level that traders have been watching closely.
For now, the market remains split: long-term holders continue to accumulate, smaller traders remain cautious, and analysts are waiting to see if the December upgrade will be the catalyst ETH needs.
With November closing out, Ethereum’s next move could determine whether it begins a recovery or continues drifting sideways in a polite, range-bound pattern.
