Ethereum Price Rebounds Amid Fusaka Fork Anticipation and Institutional Buying

The cryptocurrency market on November 27, 2025, showed signs of stabilizing, primarily driven by Ethereum (ETH) reclaiming the $3000 mark. This recovery, representing a gain of approximately 3% to 3.39% over the preceding 24 hours, coincided with a broader market upswing initiated by Bitcoin. Furthermore, significant accumulation by large holders, commonly referred to as "whales," bolstered this upward movement. A noticeable reduction in the circulating supply of ETH on centralized exchanges was observed, a pattern that frequently precedes price appreciation. Technical indicators supported this shift in sentiment; the MACD histogram crossed into positive territory, and the Relative Strength Index (RSI) moved out of the oversold region, signaling the emergence of bullish momentum.

As of November 28, 2025, ETH was trading around $3037.22, positioned at a crucial technical juncture following a recent correction. Earlier in the month, specifically on November 21, 2025, Ethereum had experienced a sharp decline, plummeting from highs near $5000 down to a low of $2630. This represented a monthly loss exceeding 30% from its peak values around $4800. Analysts are interpreting this recent activity as a necessary consolidation phase after the rapid descent. Nevertheless, short-term forecasts suggest a potential retest of support levels between $2900 and $2950 if selling pressure persists and the daily closing price remains below $2988. The critical demand zone for long-term accumulation remains firmly situated between $2500 and $2625.

A primary fundamental catalyst capturing traders' attention is the forthcoming Fusaka hard fork, scheduled for December 3, 2025. This upgrade represents a merger between the Osaka execution layer and the Fulu consensus layer, introducing Peer Data Availability Sampling (PeerDAS) via EIP-7594. PeerDAS fundamentally alters how data availability is verified. It allows validators to confirm blocks without downloading the entire dataset, thereby reducing bandwidth demands on nodes. This enhancement is anticipated to significantly boost the throughput capacity for Layer 2 (L2) solutions, potentially enabling transaction processing speeds of up to 100,000 TPS in the long run. Additionally, Fusaka incorporates a phased increase in block capacity (Blob Parameter Only, BPO). The first phase is slated for December 9, with the second following on January 7, 2026, when the number of blobs per block will increase to 14, marking an approximate 133% expansion.

Institutional engagement with Ethereum remains robust, evidenced by the activities of firms like Bitmine, led by Tom Lee. Bitmine, which strategically exited Bitcoin mining early in 2025, has been aggressively expanding its ETH holdings. Recently, the firm acquired 14,618 ETH, valued at $44.34 million USD, utilizing the custodian BitGo. This purchase brings Bitmine’s total ETH assets to approximately 3.63 million ETH, representing about 3% of Ethereum's total supply. Tom Lee, Chairman of Bitmine, maintains a decidedly bullish outlook, projecting that ETH could reach between $7000 and $9000 by the close of January 2026. He views the recent downturn as an "engineering flush" or the final capitulation phase, identifying an ideal entry point near $2500. Lee also posits that institutional players and the White House will favor Ethereum as the "truly neutral chain" for future financial infrastructure.

In the broader market context, analysts note that ETH's current rebound is tethered to overall market health, suggesting that a more substantial rally may require sustained upward momentum from Bitcoin. The success of projects built upon the Ethereum ecosystem, such as L2 solutions for Bitcoin, could indirectly validate the long-term value proposition of the ETH network. This is particularly true if the Fusaka upgrade successfully reduces L2 fees, which experts estimate could see a 40% to 60% reduction over time. Consequently, the market is currently navigating a phase of technical recovery, bolstered by strong institutional conviction and the impending fundamental catalyst provided by the Fusaka upgrade.