Ethereum (ETH) Price Under Pressure From Macro Headwinds Despite ‘Fuska’ Upgrade News

Ethereum (ETH) experienced volatility as macroeconomic factors negatively influenced its price despite news of the upcoming ‘Fuska’ upgrade scheduled for December 3. After reaching $3,921, ETH fell to a low of $3,731, reflecting broader market trends as stocks declined, with the S&P 500 and Nasdaq Composite both closing lower. The trading volume was notably high, indicating increased market participation during both the downturn and subsequent recovery, where ETH managed to climb back to $3,771. Key resistance levels are identified between $3,840 and $3,880, while critical support is noted around $3,731. The overall market remains cautious, particularly with remarks from Fed Chair Jerome Powell suggesting uncertainty around potential rate cuts. The market atmosphere is heavily influenced by negative sentiment, but the anticipated upgrade could provide positive momentum in the near future.

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