Ethereum Fusaka Upgrade Scheduled for December 3
Ethereum core developers have set December 3 as the tentative date for the Fusaka upgrade on the mainnet. This decision came during the All Core Developers Consensus (ACDC) call #165 on Thursday.
Before the mainnet launch, Fusaka will be tested on three testnets: Holesky on October 1, Sepolia on October 14, and Hoodi on October 28. The upgrade includes 12 Ethereum Improvement Proposals (EIPs).
Fusaka aims to improve data verification, optimize storage, increase the block gas limit, and enhance smart contract execution. It will also expand Ethereum’s blob capacity, which helps Layer 2 chains scale and reduce costs.
Crypto researcher Christine Kim said the blob capacity should more than double within two weeks after Fusaka activates. The number of blobs per block will increase in two stages, first from 6/9 to 10/15, then to 14/21.
Fusaka follows the Pectra upgrade, which launched in May and improved user experience, staking, and blob expansion. However, developers warn that testnet upgrades may face bugs and delays.
Kim noted, “The odds of the testnet upgrades going smoothly are 50/50, as there are still several bugs under investigation.”
Meanwhile, Ethereum co-founder Vitalik Buterin recently defended the network’s validator queue design. The waiting time for unstaking assets has risen to 43 days.
Ethereum Price Drops Amid Upgrade Plans
Ethereum (ETH) price fell 3% on Friday as developers prepared for the Fusaka upgrade. The price retested the 20-day Simple Moving Average (SMA) after facing resistance near $4,620 on Thursday.
If ETH fails to hold the 20-day SMA, it may find support near the 50-day SMA at around $4,300. The price could form a cup and handle pattern if it bounces from these levels and breaks above a key trendline from August 24.
This pattern could push ETH to a new all-time high near $5,300. This target comes from measuring the pattern’s height and projecting it upward from the breakout point.
However, the Relative Strength Index (RSI) and Stochastic Oscillator are moving down, showing weaker bullish momentum.
A daily close below $4,200 would invalidate this bullish outlook. In that case, ETH might drop further to the $4,000 psychological support level.
Recent Market Activity and Futures Liquidations
Ethereum saw $89.8 million in futures liquidations in the past 24 hours. Long positions accounted for $83.5 million, while short positions made up $6.3 million.
This shows high volatility as traders react to the upcoming Fusaka upgrade and current price movements.
