1. Ethereum holds the $2,990 support, keeping the path open toward $3,400.
2. Weekly indicators show stabilization, though momentum remains mixed.
3. The upcoming Fusaka upgrade is emerging as a near-term catalyst.

Ethereum is showing signs of recovery after weeks of heavy pressure, with market watchers pointing to improving structure on lower time frames and strengthening demand zones on the weekly chart.

Scient, a well-known market analyst, noted that Ethereum’s slow upward grind often leads to sharp pullbacks, but the short-term layout remains intact.

According to him, ETH has broken out of its local one-hour range, flipped that region into support, and moved inside a bullish C-fork. He believes that as long as the asset stays above the $2,990 line, the market has room to reach $3,400 before any major correction.

The asset is currently trading around the $3,020–$3,030 range, marking a weekly rebound of nearly 7.8 percent. This comes after a strong decline that pushed the price below the 20-week EMA.

The latest weekly candle shows a long lower wick, confirming that buyers stepped in near the $2,760–$2,800 region. This level overlaps with the 0.618 Fibonacci retracement and the mid-range Auto Fib support, forming one of the strongest demand areas seen in recent months.

Weekly Indicators Point to Stabilization but Not Full Strength

The Ethereum chart analysis based on its moving averages gives a somewhat mixed signal. The price level of Ethereum remains above both the 100-week EMA and the 200-week EMA, and both are rising. However, it is trading below both the 20-week and 50-week EMAs.

If it sails above the $3,300 level, it will trade above these averages and gain buyers’ momentum. The Bollinger Bands reveal that there has been a rebound from the lower band, with prices moving towards the mid-band.

It obviously indicates the beginning of the mean reversion process. Also, the large level of resistance from where some important highs have formed in the past would come around $3,600.

The RSI is about 42.9, in the neutral to bearish region, but recovering from around 40. The MACD indicator is still in the negative region, but the histogram is reducing in size, indicating that the bearish momentum is easing out.

Overall, Ethereum is attempting to build a base after several weeks of weakness. A clear breakout above $3,300-$3,350 is still essential to make any significant price advance towards $3,600-$3,800 at year-end levels.

Ethereum Fusaka Upgrade Expected to Add Fundamental Support

On the fundamental side, Ethereum is preparing for the Fusaka update, which will likely go out this week. Zun, an expert in the space, said that a large part of it, PeerDAS (EIP-7594), seeks to enhance data availability in layer 2 networks.

To make all of this clear, blobs can be thought of as temporary storage lockers where all the transaction data from layer 2 stays before being posted onto the Ethereum layer. These lockers are supposed to serve as an inexpensive means of layer 2 activity storage.

Also Read: Ethereum Reenters Decade Support Zone With Eyes on $3,300 Target