Ethereum Price Steadies Around $3K as Fusaka Upgrade Nears: Latest News and 2025

Ethereum (ETH) is finishing November trading almost exactly where many traders are watching most closely: around the psychologically important $3,000 level. Over 28–30 November 2025, price action has been tight, but the headlines around Ethereum are anything but quiet.

Below is a roundup of the latest news from 28–30 November 2025, how it ties into Ethereum’s current price, and what it might mean for ETH’s 2025–2026 outlook.

Ethereum price between 28–30 November 2025

Across major data providers, Ethereum has hovered in a narrow band just above and below $3,000 in recent days:

Historical price series show ETH closing around $3,015 on 28 Nov, about $3,033 on 29 Nov, and just under $3,000 on 30 Nov, keeping it in a tight $2,97x–$3,05x range. ^[1]
Intraday order-book data from Binance’s market feed on 30 Nov has ETH trading near $3,005–$3,010, reinforcing that $3K is acting as a short‑term magnet. ^[2]

Zooming out slightly:

CryptoPotato’s 28 Nov technical review notes that Ethereum bounced from support near $2,870 this week, finishing with roughly a 10% weekly gain and reclaiming the $3,000 level. ^[3]
Other analyses published on 28 Nov describe ETH closing the week with a 10–11% rebound, trading in a daily range roughly between $2,986 and $3,042, a textbook consolidation just above support. ^[4]

Even after that bounce, Ethereum is still having a “mixed” year. A German market note from 29 Nov highlights that ETH’s year‑to‑date performance is about –9%, despite strong network fundamentals. ^[5]

Bottom line on price:
As of 30 November, Ethereum is consolidating around $3,000, with short‑term support clustered in the $2,900–$2,960zone and immediate resistance in the $3,070–$3,100 region. ^[6]

What the latest headlines (28–30 Nov) are saying about Ethereum

From 28–30 November 2025, Ethereum‑focused coverage has converged on three themes: the $3K price pivot, ETF flows, and the upcoming Fusaka upgrade.

Key headlines include:

28 Nov – Technical bounce from sub‑$2,900:
CryptoPotato reports that ETH found support at $2,870, posted a 10% weekly gain, and is now eyeing $3,300 as the next major resistance – but warns that overall sentiment remains bearish until $3,300 flips to support. ^[7]
28 Nov – Macro tailwinds: Fed cut odds near 87%:
A live market update from 99Bitcoins shows ETH trading around $3,010 while the CME FedWatch Tool puts the probability of a 25 bps Fed rate cut on 10 December at 87%, and a key U.S. Senate crypto bill vote is scheduled for 8 December. ^[8]
28 Nov – “Reclaiming $3K” analyses:
Technical notes from outlets like The Crypto Basic and TradingView’s CryptoPotato feed emphasise that ETH has reclaimed the $3,000 mark after weeks of downside and could target $3,300–$3,500 if current resistance breaks. ^[9]
29 Nov – November trading frenzy and “fair value” zone:
A separate CryptoPotato article highlights that Ethereum spot volume reached roughly $375B in November, with around $35B traded via Ethereum ETFs. On‑chain data puts ETH’s realized price near $2,315 and its MVRV ratio around 1.27, suggesting it is trading close to “fair value” rather than in a bubble. ^[10]
29–30 Nov – Support at $2,900 and the path to $3,100:
Brave New Coin’s latest price prediction piece stresses that ETH has rebounded from November lows near $2,950 and is trading around $3,038, with support at $2,930–$2,960 and resistance around $3,070–$3,090. A sustained hold above roughly $3,020 could open a move toward $3,100, while a failure of support risks a revisit of the mid‑$2,900s or even the high‑$2,700s. ^[11]
30 Nov – ETF outflows hit $1.4B in November:
CryptoBriefing reports that US‑listed spot Ethereum ETFs saw about $1.4 billion in net outflows during November, with major products like BlackRock’s iShares Ethereum Trust (ETHA) and Fidelity’s Ethereum Fund (FETH) among those affected. ^[12]
30 Nov – Fusaka upgrade and the Layer‑2 question:
CryptoRobotics and several research notes frame the Fusaka upgrade, scheduled for 3 December 2025, as a major step for Ethereum scalability and Layer‑2 economics, with the upgrade expected to boost throughput and validator efficiency and respond to the rapid rise of L2 networks. ^[13]

Taken together, the coverage paints a picture of muted price action but intense positioning ahead of December’s catalysts.

Macro backdrop: rough month for crypto, but hopes for December

Ethereum’s price isn’t moving in isolation:

A Barron’s market note on 28 Nov describes November as a “terrible month for cryptos”, with Bitcoin still down about 16–17% for the month and roughly 28% below its October all‑time high, even after a Thanksgiving bounce back above $90,000. ETH and other majors posted only modest daily gains around 1% in that period. ^[14]
At the same time, 99Bitcoins points out that the probability of a December Fed rate cut has surged, and that both Bitcoin and Ethereum still show a strong positive correlation (~0.89) with the Nasdaq, meaning easier monetary policy could provide a tailwind to risk assets, including ETH. ^[15]

This macro picture helps explain why ETH can recover toward $3K even while ETF flows look shaky: investors are re‑risking into potential rate cuts and clearer regulation, but are doing so cautiously and selectively.

ETF flows: outflows, inflows, and what they mean for ETH

One of the most important November narratives is the emergence – and behaviour – of spot Ethereum ETFs.

November: net outflows, but pockets of strength

CryptoBriefing tallies $1.4B in net outflows from U.S. spot Ethereum ETFs in November, linking the move to broader risk‑off behaviour and portfolio rebalancing. ^[16]
An AI‑assisted analysis from AInvest notes that late November alone saw about $1.8B in ETF outflows, sharply contrasting with roughly $10B in net inflows during Q3 2025, when institutions were aggressively adding Ethereum exposure. ^[17]
Yet another AInvest piece focused on ETF structure points out that on 28 November, Ethereum ETFs actually attracted ~$77.1M in inflows, even as Bitcoin funds saw about $3.7B in outflows that month, underscoring a rotation within the crypto ETF complex rather than a simple “exit” from ETH. ^[18]

In the background, individual fund data reinforces the idea of a tough but not catastrophic year:

BlackRock’s iShares Ethereum Trust (ETHA) shows a YTD NAV total return of roughly –9.9% as of late November, closely tracking Ethereum’s own negative single‑digit year‑to‑date performance. ^[19]
Bitwise’s Ethereum Fund similarly reports double‑digit negative returns over the past 12 months, but extremely high cumulative gains since inception, reflecting just how volatile long‑term ETH exposure can be. ^[20]

Takeaway:
ETF flows show short‑term caution, not a structural rejection of Ethereum. Institutions appear to be trimming risk after a volatile year, while still treating ETH as a strategic asset – especially compared to some other altcoins.

On‑chain and derivatives data: “near fair value” and nervous sentiment

Several data‑driven reports over the last few days converge on the idea that Ethereum is neither frothy nor capitulatingat current levels:

The CryptoPotato piece on November trading notes Ethereum’s realized price around $2,315 and an MVRV ratio near 1.27, placing ETH in a neutral “fair value” zone, not in extreme profit or loss territory. ^[21]
A CryptoPolitan/CRYPTO RANK brief from 28 Nov similarly argues that ETH is trading “near fair value” after recovering slightly above $3,000, with elevated speculative interest but no signs of a blow‑off top. ^[22]
CoinCodex’s technical dashboard on 30 Nov shows:
- Current price: around $3,010
- Fear & Greed Index: 28 (“Fear”)
- Sentiment: algorithmically classified as bearish, with 83% of tracked indicators flashing “sell”
- Short‑term support between ~$2,88x–$2,96x and resistance around $3,04x–$3,11x, very close to the bands traders are watching on other platforms. ^[23]

In other words, on‑chain and derivatives data suggest:

Ethereum at ~$3K looks reasonably valued by historical standards – not obviously cheap or obviously over‑priced – but traders are still nervous, and the bias in technical models is slightly to the downside unless a clear breakout occurs.

The Fusaka upgrade: why December 3 matters for Ethereum’s price

The Fusaka upgrade, scheduled to activate on 3 December 2025, is the central fundamental catalyst everyone is watching.

What is Fusaka?

Recent explainer pieces from Bitcoinist, Markets.com and Whale Alert describe Fusaka as the next major step on Ethereum’s roadmap after Pectra. It’s focused on:

PeerDAS and blob data improvements – enhancing how Ethereum stores and verifies data blobs for rollups. ^[24]
Lower Layer‑2 data costs: engineering notes suggest rollup data fees could fall by around 40–60%, meaning cheaper transactions on L2s like Arbitrum, Optimism, zkSync and Base. ^[25]
Higher gas limits: Ethereum core developers have already raised the block gas limit from ~45M to 60M, allowing more transactions per block on L1 and complementing Fusaka’s data improvements. ^[26]

The L2 value‑capture dilemma

Not everyone is convinced that this is automatically bullish for the ETH price itself:

A detailed German‑language analysis on 29 Nov argues that while Total Value Locked (TVL) on Ethereum and L2s has grown strongly, ETH is still down ~9% YTD, and a growing share of economic value (sequencer fees, MEV, etc.) is captured by L2s rather than the Ethereum base layer. ^[27]
That report cites L2Beat data showing about $37.5B in “Total Value Secured” on L2 networks, with Arbitrum (~$16.9B) and Base (~$12.8B) leading, even as mainnet throughput hits record gas usage. ^[28]

Put simply: Fusaka is designed to strengthen Ethereum’s role as the settlement and data‑availability layer of a sprawling L2 ecosystem – but whether the ETH token captures enough of that additional value remains an open question that markets are actively pricing in.

Short‑term Ethereum price forecast (December 2025)

Technical levels

Across multiple analyses published between 28–30 Nov:

Support: Most traders are watching the $2,900–$2,960 band as key short‑term support. ^[29]
Immediate resistance: The next hurdles sit around $3,070–$3,100, with some analysts then eyeing $3,300 as the bigger “line in the sand” that would meaningfully flip the short‑term trend. ^[30]

CoinCodex’s machine‑learning‑driven model projects:

5‑day target (by 5 Dec): about $3,312 (+~10%)
1‑month target (by 30 Dec): about $3,355 (+~11.6%)

with a December trading range centred roughly between $3,005 and $3,614. ^[31]

Brave New Coin’s manually curated analysis is slightly more conservative, seeing a possible push toward $3,080–$3,100 if the $3,020 area holds, but warning that a loss of $2,900 support could open a move back toward the high‑$2,700s. ^[32]

Short‑term “base case”

Taking the different models and narratives together, a reasonable non‑advisory scenario for December is:

Bullish path:
- Fusaka deploys smoothly
- Fed delivers a modest December cut, risk assets rally
- ETH holds above $2,900 and reclaims $3,300
- In that case, price models pointing to the low‑to‑mid $3,000s by year‑end look plausible.
Bearish path:
- Fusaka is delayed or introduces temporary network issues
- Macro surprises hawkishly (for example, the Fed delays cuts)
- ETF outflows accelerate and L2 value‑capture worries grow
- Then a retest of the mid‑$2,000s is very possible, especially given how many technical indicators are still firmly in “sell” territory. ^[33]

Medium‑ to long‑term ETH forecasts (2026–2030 and beyond)

Longer‑range forecasts are, of course, highly speculative – but they help illustrate how different segments of the market are thinking about Ethereum.

Quant and model‑based forecasts

CoinCodex’s algorithmic model expects ETH to:
- Trade in roughly the same $3,005–$3,614 band again in 2026, mirroring its 2025 projections.
- Reach a potential high near $8,383 in 2030 if the current cycle dynamics play out, implying about +179% upside from today’s price in a bullish scenario. ^[34]
- Potentially touch $10,000 around December 2033, though this is explicitly labelled as a statistical projection, not advice. ^[35]

Bank and institutional research

Standard Chartered grabbed attention in August by raising its year‑end 2025 target for ETH to $7,500 (from $4,000), arguing that stablecoin growth and Ethereum’s role as “digital oil” for tokenized assets could turbo‑charge network fees in the coming years. The bank even lifted its 2028 target to $25,000. ^[36]

Notably, the current ~$3K spot level sits well below these more aggressive institutional targets but well within the bands forecast by more conservative algorithmic models.

Key risks to the Ethereum price outlook

For both short‑term traders and long‑term holders, several risks stand out in the late‑November research flow:

ETF flow shock risk
- The $1.4B November outflow from US spot ETH ETFs shows how quickly institutional sentiment can swing. A further wave of redemptions could pressure price even if on‑chain data remains healthy. ^[37]
Layer‑2 value‑leak risk
- As L2s capture more fees and MEV, Ethereum’s challenge is to ensure enough value accrues back to ETH – not just to rollup tokens and sequencers. The Wallstreet‑Online report makes it clear that this tension is now a front‑and‑centre debate for 2025 and beyond. ^[38]
DeFi exploits and liquidation cascades
- AInvest notes that over $1B in liquidations tied to DeFi exploits (including on protocols like Balancer) have created abrupt selling pressure at times this year. Similar shocks in December could invalidate neat technical setups very quickly. ^[39]
Regulatory curveballs
- While the market is currently optimistic about U.S. regulation (with an important Senate vote slated for 8 December), any unexpectedly harsh language from lawmakers or regulators could chill ETF flows and institutional adoption. ^[40]
Macro disappointment
- If the Federal Reserve does not deliver the widely‑expected December cut – or signals a slower easing path – risk assets from tech stocks to crypto could reprice lower together, dragging ETH down regardless of Fusaka’s success.

What this means if you’re watching ETH

Putting it all together:

Price reality: Ethereum is stuck around $3,000, up solidly from its November lows but still in a broader downtrend on many timeframes.
Fundamental reality: Network usage, staking, and L2 adoption look strong, ETFs provide deep liquidity, and Fusaka could meaningfully improve Ethereum’s scalability story.
Sentiment reality: Technical dashboards are cautious to bearish, ETF flows show de‑risking, and most near‑term analyses frame upside scenarios as contingent on both Fusaka and macro going right.

For traders, that translates into a market where:

$2,900–$3,000 is the key battlefield in the near term, and
$3,300+ is the level many technicians want to see reclaimed before calling for a sustained trend reversal.

For longer‑term investors, the tension between L2 success and ETH value capture, plus the evolving ETF landscape and macro policy, will likely matter as much as the Fusaka upgrade itself over the next 12–24 months.

Disclaimer: This article is for informational and news purposes only and does not constitute financial, investment, or trading advice. Cryptocurrencies are highly volatile and you can lose all of your capital. Always do your own research and consider speaking with a licensed financial professional before making investment decisions.

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