Ethereum Holds Range Amid Cautious Market and Fusaka Upgrade Plans

Ether (ETH) fluctuated in a tight range as trading volume rose, reflecting broader market caution following comments from Federal Reserve Chair Jerome Powell that a December rate cut was not guaranteed. The S&P 500 fell 0.99% to 6,822.34, and the Nasdaq dropped 1.57% to 23,581.14, while the VIX climbed to 17.22. The U.S. Dollar Index (DXY) strengthened to 99.52 as investors weighed the uncertain macro outlook and lack of progress in U.S.-China trade talks. Meanwhile, Ethereum developers confirmed the Fusaka network upgrade for December 3 after the October 30 coordination call.

Technically, Ether’s decline from the $3,921 resistance zone followed a broader crypto sell-off, with institutional flows turning negative. The token slid from $3,921.43 to $3,731.00, marking a 5.9% drop before rebounding 1.35% to $3,771.82. The breakdown below $3,880 triggered heavy volume — a 103% surge over the 24-hour norm — highlighting strong selling pressure before buyers regained control near $3,731. Session volume finished 32% above the seven-day average, suggesting heightened trader engagement but limited conviction in either direction.

Analysts note that losing $3,880 confirmed resistance strength, while reclaiming $3,760 signals tentative buyer interest. The near-term trading range now stands between $3,730 and $3,880, with resistance at $3,840–$3,880 and support at $3,700–$3,720. Moderate rebound volume implies accumulation rather than a short squeeze.

If buyers push above $3,840, ETH could retest $3,880 and potentially $3,920. Conversely, a failure to hold $3,760 exposes $3,700, with $3,650 as the next downside risk. With elevated participation and a defined price band, traders are watching for a decisive breakout to determine Ethereum’s next move.