SAEDNEWS: Ethereum Network on the Verge of Major ‘Fusaka’ Upgrade to Boost Scalability and Cut Fees; On-Chain Data Shows Whales Accumulating Over 7.6M ETH Since April, Hinting at a New Bull Run
According to the cryptocurrency section of Saed News, citing CryptoNews, the Ethereum network is on the verge of implementing the Fusaka upgrade, one of its most significant updates. On-chain data indicate that whales are accumulating again ahead of the upgrade.
CryptoQuant reports that since April, over 7.6 million ETH have been purchased by large wallets, with whale reserves increasing by 52%.
Meanwhile, Ethereum, after recently dropping to the $3,000 range, is now trading around $3,560 and defending the key support level at $3,175. The next major resistance is at $3,727, and a break above this level could mark the start of a bullish reversal.
The Fusaka upgrade is scheduled for December 3 and aims to improve scalability and reduce transaction costs, potentially driving a new wave of demand on the network.
At the same time, retail investors are gradually exiting, a behavior typically observed in the late stages of market corrections.
