$ETH is exhibiting strong bullish momentum supported by key on-chain and technical signals, with the Fusaka upgrade serving as a major catalyst sparking a new wave of speculative interest.

Whale activity and staking dynamics continue to shape the market structure, while historical precedents (such as the 50% surge driven by the Pectra upgrade) further reinforce expectations for another explosive rally.
Macro-level bullish factors—including ETF approvals, institutional capital inflows, and the fear and greed index rebounding from a bottom—have also boosted market sentiment, creating an overall environment that closely matches the conditions for a "Santa Claus rally."
As traders aggressively rebuild positions, leveraged long positions have surged rapidly, with over $116 million in short positions liquidated in the past 24 hours—an amount that even exceeds Bitcoin short squeezes, highlighting intense buying pressure.
The key technical level around $3,200 is being strongly defended, and $3,500 is seen as the next breakout target.
Although some investors remain concerned about the relative attractiveness of staking yields compared to fixed-supply assets, the demand for yield-generating blue-chip assets continues to support capital inflows into ETH, driven by the expansion of the Base chain ecosystem and the trend of real-world asset tokenization.