Current $ETH spot: about $3,129 (USD) as of latest quote.
Short-term price action (Dec 1–8): a jump from ~$2,800 on Dec 1 to a local peak near ~$3,190 on Dec 3, a pullback into the ~$3,000 area, then a renewed move back above $3,100 by Dec 8 (see chart above).
Drivers: the market is reacting positively to Ethereum’s “Fusaka” upgrade (activated in early December), which aims to lower node costs and speed Layer-2 settlements — a structural improvement that supports long-term utility and demand.
Flows & sentiment: recent ETF/inflow headlines and analysts pointing to accumulation have helped momentum, giving ETH stronger breakout cues versus Bitcoin in the first week of December.
Chart & data
I plotted daily closes for Dec 1–8, 2025 (values taken from market data sources listed below). You can download the chart image here: Download chart image
Short technical read
Support: $2,900–$3,000 looks like immediate support (tested after the Dec 3 top).
Resistance / next targets: if momentum continues and on-chain improvements continue to be priced in, a next short-term target zone would be $3,300–$3,500 (echoed by several market commentators and prediction models).
Volatility note: the Dec 1–8 pattern shows quick swings (big day-to-day moves), so risk management (position sizing, stop placement) is important.
Fundamental commentary
Fusaka upgrade: reduces node running costs and speeds Layer-2 settlement throughput — this lowers friction for developers and enterprises, improving ETH’s utility as a settlement and gas asset. That technical improvement is one reason investors appear willing to re-rate ETH.
Product flows: continued inflows into ETH-related products (ETFs, custody) and developer activity are reinforcing demand; keep watching ETF flow reports and on-chain staking/withdrawal metrics for confirmation.
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