In the past 24 hours, the price of Ethereum 
$2,316, the largest altcoin, has surged by 5%, reclaiming the $3,200 level. This market-wide recovery has sparked a rapid increase in investor interest, with particular attention on wallets holding between 1,000 to 10,000 ETH, known as “shark” level accounts, which are aggressively accumulating Ethereum. The activity within the Ethereum ecosystem, combined with the increased efficiency brought by the new Fusaka update, enhances trust within the Blockchain.
Fusaka Update Enhances Ethereum’s Scalability
Fusaka, Ethereum’s second major update of the year, aims to increase the network’s scalability and reduce transaction fees. The update implements PeerDAS technology, allowing validators to process transactions using smaller data segments instead of large data blocks. This results in reduced network load, making transactions faster and cheaper.
The Ethereum community views this innovation as part of a long-term vision. The advancements in scalability and efficiency create a more favorable environment for developers and enhance user experience. The Fusaka update is considered a significant milestone for the network’s future ability to serve a broader user base.
Following the update, there was a noticeable surge in market participants’ confidence. Strengthened technical foundations of Ethereum have created an upward momentum both in Blockchain activities and investor flow.
Shark Wallets Accumulate 450,000 ETH
In recent weeks, shark-level investors have been playing a crucial role in the Ethereum market. Addresses holding between 1,000 to 10,000 ETH accumulated 450,000 ETH from mid-November to early December. This accumulation process reflects a restoration of investor confidence after the 1.3 million ETH sell-off in October.
The addition of 190,000 new wallets to the network within 24 hours highlights the increasing interest in the Ethereum ecosystem. Investor behaviors demonstrate that price drops are seen as buying opportunities. On-chain data suggests a strong demand base is forming, with prices stabilizing around the support area of $3,000.
Technical indicators also support the upward trend. The Relative Strength Index (RSI) has reached 71, entering the overbought zone, while the Chaikin Money Flow (CMF) indicator is at 0.09. Current technical data indicate that the purchase pressure persists, with the potential to move the price into the $3,300–$3,500 range.
