Shark Wallets Add 450,000 ETH: Will Ethereum Break $3,500 Post-Fusaka Upgrade?

The Ethereum network is on a positive roll as the highly anticipated Fusaka upgrade is now live on the network’s mainnet. The upgrade was landed at a time when the cryptocurrency market is slowly starting to recover from the recent sell-off due to mass liquidations. Ethereum (ETH) has since broken above the psychological price level of $3,000 and now trades at $ 3,200. With Fusaka now live on the Ethereum network, the ETH price is ready for a potential breakout above $3,500 and perhaps beyond.

Ethereum’s Fusaka Upgrade: What You Need to Know

The Fusaka upgrade is another significant step forward in Ethereum’s ongoing development and upgrade process, with this hard fork set to make improvements in scalability, security, and overall network efficiency. While not quite as headline-grabbing as some of the other larger events in Ethereum’s roadmap, Fusaka has much to offer in terms of the network’s long-term development. Fusaka improves network efficiency in state management and will also reduce network congestion in periods of high traffic.

Shark Wallets Accumulate 450,000 ETH: Bullish Sign for Ethereum

Ethereum price also got a boost from a big return of confidence among large holders. From November 18 to December 2, 450,000 ETH have been piled up by wallets holding 1,000 to 10,000 ETH each, after a consecutive selling action that took place at the beginning of October. The behavior of this investor group shows that they buy ETH before trend changes, and this suggests that big holders are now creating necessary long positions to profit from future price rises.

Chart 1: ETH Sharks accumulation, published on TradingView, December 4, 2025

Ethereum Price Analysis: What’s Next for ETH?

The MACD indicator formed a golden cross on 2nd December 2025, at 13:00 UTC. This was an early sign of bullish momentum. Ethereum’s price then broke through the key resistance level of $2830 shortly after the golden cross, initiating a spike and setting the stage for an upward trajectory. Over the subsequent day, the Ethereum price continued its ascent, navigating through an upward channel. Today’s high of $3239 has now established itself as a significant resistance level, while support has concurrently been reinforced at $3000.

Chart 2: ETH/UST M15 chart, analyzed by Ali Oliyaee, published on TradingView, December 4, 2025

In the near term, Ethereum is likely to remain rangebound, oscillating between these two levels. However, a breakout above $3239 resistance or below the $3000 support is likely to result in a continuation of the price movement in the direction of the breakout. Traders should closely monitor these levels for indications of a potential shift in trend.

Conclusion: Ethereum on the Verge of Stronger Price Action

With the Fusaka upgrade in the network, Ethereum seems to be set for further upgrades, which would support the scaling of the network further. This, in turn, would allow the price to also scale up. The large investors having bought 450,000 ETH, along with other fundamental on-chain activities, backed up with an increase in the scalability, is a positive indicator that can point towards an upcoming bull run. A clear resistance at $3200 also means Ethereum could now clear $3,500 and move towards higher targets in the long term. As the fundamentals of Ethereum improve, the next leg of the price rally is imminent.

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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and risky. Always conduct your own research and consult with a qualified financial advisor before making any investment decisions.