Ether, the native coin of the Ethereum project fell to $2,800 earlier today. The digital asset could not stay above $3,000 for long, despite its highly anticipated Fusaka upgrade scheduled to go live on December 3.
Ethereum’s Fusaka upgrade fails to lift momentum
Ethereum’s second and last major protocol upgrade of 2025, Fusaka, failed to lift the digital asset’s momentum as ETH tumbled to $2,806 in the early hours of December 1 on the Binance crypto exchange.
After hitting a monthly low of $2,623 on November 21, the digital asset displayed quick recovery as it surged above $3,000 by November 29, rekindling hopes of further upward price action as anticipation for the Fusaka upgrade built.
However, ETH, along with the rest of the crypto market, started December with bearish price action. While wild price swings in the crypto market are nothing new, analysts were hopeful that Ethereum’s Fusaka upgrade would have given it an edge over the rest of the digital assets, likely helping it continue its bullish price trajectory.
To recall, Fusaka is Ethereum’s second major upgrade this year, following the Pectra upgrade, which went live in May 2025. Some of the new elements included in the Fusaka upgrade are PeerDAS, Verkle Trees, and P-256 implementation.
Some analysts still bullish on ETH
Although ETH’s current price action may not inspire a lot of confidence in the cryptocurrency’s short-term outlook, some analysts are still hopeful that ETH will surprise the market later in the month.
For instance, crypto analyst Merlijn The Trader emphasized the significance of the Fusaka upgrade. He recalled that ETH jumped 58% following the Pectra upgrade, and although the price may lag fundamentals sometimes, it’s not for long.
That said, positive macroeconomic developments may turn the tides for ETH. The US Federal Reserve (Fed) meeting on December 10 is likely to provide the required fuel to ignite ETH’s bullish price action.
The latest data from CME Group’s FedWatch tool shows that there’s an 87.6% chance that the central bank will slash interest rates by 25 basis points, a positive development for risk-on assets, including cryptocurrencies.
