Ethereum Eyes $7K on Whale Buys, ETF Inflows & Fusaka Upgrade
Ethereum is gaining momentum after Bitmine’s $113 million ETH purchase and $380 million in spot ETF inflows this week, lifting total ETF assets to $27.66 billion. ETH reclaimed the $4,000 level as whale transactions spiked, signaling renewed institutional confidence.
The Fusaka upgrade is live on the Hoodi testnet ahead of the December 3 mainnet launch. It promises parallel execution and lower gas fees, boosting rollup efficiency and network capacity.
Technical indicators show Ethereum trading in tight consolidation around $4,000, with RSI near 47 and Chaikin Money Flow at –0.06. Traders will watch for a breakout above this range on rising volume and continued whale accumulation, which could propel ETH toward $7,000.
Bullish
The large whale purchase and robust ETF inflows indicate strong institutional demand, supporting a bullish outlook. The Fusaka upgrade’s testnet launch adds a positive catalyst by improving scalability and lowering fees. In the short term, a volume-backed breakout above $4,000 could trigger a rally toward $7,000. Over the longer term, enhanced network capacity and continued whale accumulation may sustain upward momentum for Ethereum.