Ethereum Price Today, December 4, 2025: ETH Reclaims $3,200 After Fusaka Upgrade

Ethereum (ETH) is trading back above the psychologically important $3,200 level today after the long‑awaited Fusaka network upgrade went live, slashing Layer‑2 fees and reigniting institutional and retail interest. Depending on the data provider, ETH is up roughly 6% in the last 24 hours, making it one of the best‑performing large‑cap crypto assets on the day. ^[1]

Below is a detailed look at Ethereum’s price today, the impact of Fusaka, and what analysts and models are forecasting for ETH in the days and weeks ahead.

Ethereum price today: key numbers (4 December 2025)

Major data aggregators broadly agree on the current picture for ETH:

Spot price: around $3,200–$3,210 per ETH as of Thursday, December 4, 2025
- TradingView lists ETH at $3,204.5, up 6.43% over the past 24 hours. ^[2]
- CoinGecko’s USD converter shows $3,198.55 for 1 ETH, a 4.2% daily gain. ^[3]
Market cap: roughly $385–387 billion, keeping Ethereum firmly in second place behind Bitcoin. ^[4]
24‑hour trading volume: about $28–31 billion in spot and derivatives markets. ^[5]
24‑hour range: roughly $3,170 – $3,240, according to Binance and Huobi historical data. ^[6]
7‑day and 30‑day performance: ETH is up about 7.8% over the last week, but still down roughly 18% over the past month and 11% year‑on‑year. ^[7]
Distance from all‑time high: Ethereum’s August 24, 2025 ATH near $4,955 means today’s price is still about 35% below peak levels. ^[8]

On the broader market side, total crypto capitalization is hovering around $3.2 trillion, with Ethereum commanding about 11.8% market share and Bitcoin roughly 57%, underlining ETH’s continued role as the dominant smart‑contract platform. ^[9]

Fusaka: the upgrade powering today’s ETH rally

The Fusaka upgrade — Ethereum’s second major network upgrade of 2025 after Pectra — activated on mainnet on December 3, 2025, and is the clearest fundamental catalyst behind today’s move. ^[10]

What Fusaka changes under the hood

According to Ethereum’s roadmap and technical explainers, Fusaka introduces several key improvements: ^[11]

PeerDAS (Peer Data Availability Sampling, EIP‑7594):
- Validators sample small portions of “blob” data instead of downloading everything.
- This can cut validator bandwidth requirements by around 85%, making it easier for non‑institutional node operators to participate.
Much more space for Layer‑2s:
- Fusaka increases blob data capacity by about 3.5×, which is expected to lower Layer‑2 (L2) transaction costs by roughly 40–60% on networks like Arbitrum, Optimism, and Base.
Higher block gas limit:
- Ethereum’s block gas limit jumps from roughly 36 million to 60 million, letting more complex transactions and smart‑contracts execute per block while still being buffered by new safety mechanisms.
EVM & UX upgrades:
- A new EVM Object Format, new opcodes (like CLZ) and support for the secp256r1 curve improve smart‑contract efficiency and pave the way for smoother wallet integrations (for example, better use of mobile hardware security).

Ethereum co‑founder Vitalik Buterin has described PeerDAS as the practical realization of sharding — a core scaling goal the project has been working toward for nearly a decade. ^[12]

Immediate market reaction

Coverage from CoinCentral notes that after Fusaka activated at block height 18,200,000, ETH traded mostly in a $3,150–$3,210 band, with price climbing about 4.3% to $3,200 while 24‑hour trading volume jumped from roughly $28.2 billion to $32 billion in just a few hours. On‑chain analytics firm Santiment tied much of that move to fresh accumulation from wallets holding 1,000–10,000 ETH. ^[13]

Indonesian exchange Pintu reports an even stronger local move: ETH changing hands around $3,221, up 6.56% over the past day, with 24‑hour volume up 15% in fiat terms. ^[14]

A live market feed from 99Bitcoins adds that Layer‑2 fees on networks such as Arbitrum and Optimism have already dropped by roughly 40–60% since the upgrade, and network growth hit around 190,000 new wallets in a single day — evidence that users are responding to the improved UX. ^[15]

For many traders, this is the first time in months that a major Ethereum upgrade is visibly translating into price action almost immediately, rather than being “priced in” well in advance.

Institutional flows, whales and macro tailwinds

Fusaka isn’t the only narrative pushing Ethereum higher today. A cluster of institutional, derivatives and macro signals is adding fuel to the move.

Whales and treasuries

TradingView and Santiment data show that between November 18 and December 2, wallets holding 1,000–10,000 ETH accumulated roughly 450,000 ETH, reversing a prior October sell‑off. ^[16]
Analytics from TS2 and Benzinga highlight BitMine Immersion Technologies, which now holds around 3.73 million ETH — over 3% of total supply — along with a large cash buffer. With that much ETH on the balance sheet, a single‑day $180 move in ETH can theoretically swing BitMine’s “crypto + cash” position by more than $600 million, explaining why its stock closely tracks ETH. TechStock²+1
The Coin Republic reports that two wallets linked to long‑time investor Tom Lee recently withdrew roughly $150 million worth of ETH from exchanges — a move typically interpreted as long‑term bullish, since coins off exchanges are less likely to be sold immediately. ^[17]

ETF inflows and broker adoption

Several pieces of coverage focus on growing traditional‑finance exposure to ETH:

99Bitcoins and The Coin Republic both note fresh ETH ETF inflows, with one data set citing about $250 million of net inflows in a single day, and Fidelity adding roughly $34.4 million worth of ETH exposure. ^[18]
The same 99Bitcoins report highlights that Charles Schwab, which manages over $12 trillion in client assets, plans to roll out Bitcoin and Ethereum trading in early 2026, following on from earlier ETF moves by Vanguard. Even a modest allocation from such a large broker can represent significant structural demand for ETH. ^[19]

Short interest and potential squeeze

99Bitcoins also flags a large cluster of ETH short positions:

Around $5.8 billion in short exposure is stacked above current prices, with $3,500 cited as a zone where many of those shorts could be liquidated if ETH breaks higher. ^[20]

That positioning cuts both ways: it raises the risk of a sharp short squeeze higher, but also tells you there’s still substantial bearish conviction in the market.

Macro: Fed expectations and risk sentiment

On the macro front, the backdrop is unusually supportive:

The Economic Times reports that markets now see about a 94% probability of a 25‑basis‑point Federal Reserve rate cut next week, a shift that has helped push Bitcoin back toward $93,400 and ETH above $3,200, both near two‑week highs. ^[21]
The same piece notes that while BTC gained around 0.5% and ETH more than 5% in the last 24 hours, global crypto market cap actually dipped about 1.6% to $3.18 trillion, suggesting that capital is rotating into majors from smaller alts rather than pouring fresh money into the entire sector. ^[22]
CryptoPotato’s market update emphasizes that Ethereum is the biggest gainer among large‑cap altcoins today, jumping over 5% to above $3,250, a three‑week high, after Fusaka went live. ^[23]

99Bitcoins further points to a temporary easing in US–China trade tensions and a planned U.S. SEC “innovation exemption” for certain crypto projects as additional sentiment drivers, though both remain policy themes rather than finalized catalysts. ^[24]

Technical analysis: key levels ETH traders are watching

With ETH back above $3,200, technical analysts are split between calling this the start of a new leg higher and warning of another lower high in a still‑fragile structure.

Breakout lines and “gold fractal” targets

The most widely shared chart today comes from The Coin Republic, which compares Ethereum’s current structure to a 142% breakout move in gold: ^[25]

ETH has spent almost four years trading in a broad horizontal range, similar to gold’s long consolidation before its last big breakout.
The article identifies $3,248 as the crucial breakout line. A daily close above that level would, in their view, “open the path” first toward $3,600, then $4,000, and potentially toward $4,264 if ETH repeats the 56% post‑upgrade rally it saw after May’s Pectra hard fork.
Momentum indicators such as the RSI are rising with price without showing bearish divergence yet, and the 20‑day moving average is edging toward a bullish crossover over the 50‑day moving average.

Pintu’s analysis echoes this bullish narrative on shorter timeframes, noting that ETH has been consistently closing above a descending logarithmic trend line around $3,082, forming a higher low and reinforcing the idea of a resumed uptrend. ^[26]

Support and resistance zones

Different desks map out slightly different levels, but some consensus zones are emerging:

Immediate resistance:
- Coin Republic: $3,248 breakout line. ^[27]
- CoinCodex: resistance clusters near $3,269, $3,339 and $3,478. ^[28]
- CCN’s latest technical read mentions $3,394, $3,541 and $3,876 as levels that could open up if current momentum extends. ^[29]
Near‑term support:
- CoinCodex points to $3,060, $2,921 and $2,852 as key supports for the current structure. ^[30]
- Several analysts still see the $2,650–$2,700 region — the November low — as a critical higher‑timeframe level to defend. ^[31]

TradingView’s aggregated technical “scorecard” for ETH currently reads Neutral overall, with moving averages and oscillators roughly balanced between buy and sell signals. Over the last week, ETH is up nearly 8%, but its one‑month performance is still down about 18%, underscoring how sharp November’s correction was. ^[32]

Contrarian views: scope for another drop?

Not every analyst is convinced this bounce will stick:

A Forex24Pro forecast describes the trend as short‑term bearish, expecting ETH to possibly retest the $3,225 region before rolling over toward $2,265 if buyers fail to push above roughly $3,665. A sustained break above that higher level would invalidate their downside scenario and reopen targets around $4,245. ^[33]
CoinCodex’s internal indicator blend leans bearish, with only 8 indicators flashing bullish versus 21 showing bearish signals, and still classifies the current environment as “Fear” with a Fear & Greed score of 26. ^[34]

Short‑term Ethereum price forecasts for December 2025

Newsrooms, quant models and exchanges have all pushed out fresh ETH price predictions tied to Fusaka and today’s move.

Quant and indicator‑based models

CoinCodex projects ETH could reach around $3,537 by December 9, 2025, implying roughly 10% upside from current levels. Still, their dashboard labels sentiment Bearish, with volatility relatively modest and a majority of indicators signaling caution. ^[35]
Changelly’s model‑driven forecast shows: ^[36]
- Real‑time ETH price around $3,050 at the moment of their latest update.
- A projected 2.23% rise to about $3,154 by December 6, 2025.
- For December 2025 as a whole, a range between roughly $3,055 (min) and $3,673 (max) with an average near $3,364, which would be around 5% above today’s spot price.
- Their sentiment line calls it “slightly bullish,” but the Fear & Greed Index they track is still in “Fear” territory around 28.

MEXC’s Crypto Pulse short‑term dashboard, which blends technicals and sentiment signals, shows ETH at approximately $3,196.58, up 3.57% on the day, and describes the near‑term outlook as “consolidation with upside bias”, supported by strong institutional inflows and positive fundamental developments like Fusaka. ^[37]

Analyst commentary and narrative‑driven targets

The Coin Republic “gold fractal” thesis sees a realistic path to $3,600 and $4,000 if ETH can close decisively above $3,248, with a stretch target around $4,264 if it repeats the 56% rally seen after May’s Pectra upgrade. ^[38]
Pintu’s report frames ETH as “poised for a parabolic, gold‑like rally,” emphasizing that the current structure — a long sideways range followed by a breakout — mirrors gold’s run up to new all‑time highs. ^[39]
99Bitcoins’ market update warns that with $5.8 billion in short positions overhead and a large short‑liquidation cluster near $3,500, ETH could move violently in either direction depending on whether bulls or bears seize control first. ^[40]

Put simply, most short‑term quant models lean modestly bullish but conservative, projecting mid‑single‑digit percentage gains into mid‑December. Narrative‑driven and fractal‑based analyses are more aggressive, eyeing a possible test of the $3,600–$4,000 region if key resistance levels give way.

Longer‑term outlook: can ETH sustain a post‑Fusaka trend?

Longer‑horizon forecasts published before Fusaka’s activation are being revisited in light of this week’s events:

A November price‑prediction piece from CryptoNews argued that ETH consolidating near $3,800–$3,900 inside a symmetrical triangle could set up a breakout toward $4,500 by late December 2025, with even higher extensions possible in 2026 if Ethereum clears the old high near $4,960 and continues its macro uptrend. ^[41]
Coingecko’s Fusaka explainer situates the hard fork in a broader roadmap that includes The Merge, Dencun and Pectra, painting a path toward 100,000+ transactions per second across L2s while retaining Ethereum’s base‑layer security — a structural argument for ETH as critical infrastructure rather than just a speculative asset. ^[42]
At the same time, data from YCharts and TradingView remind us that ETH is still down double digits over the last month and year, and that its market cap today (around $386 billion) is below where it stood at several points in 2024 and early 2025. ^[43]

Long‑term bulls point to ongoing upgrades, cheaper L2s, ETF distribution, and large corporate treasuries like BitMine’s as reasons to expect higher valuations over the next cycle. Bears counter that macro uncertainty, regulatory risk and heavy speculative positioning could still drag ETH back toward the mid‑$2,000s before any sustainable push to new highs.

Key risks that could derail the current ETH rally

Even on a strong day like today, Ethereum’s path is far from risk‑free. Some of the main downside factors mentioned across today’s analyses include:

Macro disappointment:
Today’s rally leans heavily on the assumption of near‑term Fed rate cuts. If inflation data or Fed communication undermines that thesis, risk assets — including BTC and ETH — could see a sharp reversal. ^[44]
Regulatory curveballs:
While talk of an SEC “innovation exemption” sounds positive, it’s still undefined. Negative enforcement actions, ETF setbacks, or stricter rules in the US or EU could quickly chill sentiment. ^[45]
Overcrowded positioning:
With billions in both long and short leverage sitting just above and below current prices, any move through critical levels like $3,000, $3,250 or $3,500 risks triggering cascading liquidations in one direction or the other. ^[46]
Technical failure to hold support:
If ETH loses the $3,060–$3,000 zone and especially the $2,850–$2,700 region, bears will argue that the current bounce was just another lower high inside a bigger corrective pattern — which is exactly what some bearish forecasters, such as Forex24Pro, are watching for. ^[47]

What to watch next

For traders and investors tracking Ethereum price today and through the rest of December, the market narrative condenses into a few concrete checkpoints:

Do daily closes stay above $3,100–$3,150?
Holding this band would strengthen the case that Fusaka has flipped prior resistance into support.
Does ETH finally clear the $3,248–$3,350 resistance stack?
A decisive break there would validate many of the $3,600–$4,000 scenarios being discussed in today’s analyses. ^[48]
How do ETF flows and broker integrations evolve?
Watch for follow‑through on Fidelity, Schwab and other institutions adding ETH exposure — this is the “slow grind” fuel that can underpin a more durable uptrend. ^[49]
Macro data and the upcoming Fed decision.
With rate‑cut odds already priced as high, any surprise could quickly reshape the risk landscape for all of crypto. ^[50]

As always, crypto remains highly volatile, and none of the forecasts above are guarantees. Anyone considering trading or investing in ETH should carefully assess their own risk tolerance, use appropriate position sizing, and, ideally, consult a qualified financial adviser before making major decisions.