Ethereum Reclaims $3,600 Amid Market Volatility
Ethereum (ETH) rose on Monday, surpassing the $3,600 level after a volatile week in crypto markets. The second-largest cryptocurrency gained about 7% in the past 24 hours. Traders now watch for a breakout toward $4,000.
This price recovery comes with mixed signals. On-chain data show strong whale accumulation and network upgrade optimism. However, derivatives markets indicate caution. ETF outflows exceeded $507 million in early November, according to Farside data.
Whale Activity and Trading Trends
Large investors increased their ETH holdings during the recent market dip. On November 5, TRON’s founder Justin Sun staked 45,000 ETH, worth roughly $154.5 million. Fundstrat’s Tom Lee bought $70 million in ETH the next day, Arkham Intelligence reports.
CryptoQuant data reveal record-high ETH trading volumes on Binance. In 2025, trading volume has already crossed $6 trillion, two to three times previous cycles. ETH open interest rose to $12.5 billion, showing strong speculative momentum but also higher leverage risk.
Analyst Maartun tweeted that Ethereum’s open interest jumped $1.9 billion (10.2%) in one day. Similar spikes have preceded short-term price pullbacks in 75% of past cases.
The next move depends on whether leveraged longs hold above $3,500 or face forced liquidations before any rally.
Institutional Re-Entry and Fusaka Upgrade
CryptoQuant analyst ShayanMarkets highlights a rise in Ethereum’s average spot order size. This increase signals potential institutional buying after the recent market drop. Whale spot activity spiked during the dip toward $3,200, a sign seen before major rallies.
If the $3,000–$3,400 range holds as support, Ethereum may enter a stable accumulation phase. This could lead to a strong move toward $4,500–$4,800.
The Fusaka upgrade, planned for December 3, aims to improve Ethereum’s scalability. Vitalik Buterin, Ethereum’s co-founder, stresses the importance of the PeerDAS system included in Fusaka.
Key improvements include:
- PeerDAS data availability
- Verkle tree implementation
- Layer-2 throughput boosts potentially reaching tens of thousands of transactions per second
Successful Fusaka deployment could increase developer activity and capital flow into Ethereum’s Layer-2 ecosystem.
