Ethereum Activates Fusaka Upgrade, Boosts Network and Market

The Ethereum (ETH) network has announced activation of the long-awaited Fusaka upgrade on its main network today. This development marks the second major improvement for the blockchain network this year. 

The upgrade comes at a time when the overall crypto market is seeing renewed optimism, helping ETH and other major digital assets rise in value.

Fusaka Upgrade Designed to Make Ethereum Stronger and Faster

The Fusaka upgrade adds several improvements to make Ethereum work more efficiently. Its main feature, PeerDAS, allows the network to process more data at once. It also lowers costs for most rollups, the tools that help Ethereum scale.

PeerDAS also makes blob fees cheaper and increases the network’s capacity for future growth. Fusaka also includes other technical changes, like updates to blob parameters and limits tied to execution costs and base fees. 

This latest upgrade combines previous upgrades, Osaka and Fulu, into one system, making Ethereum more efficient for both developers and users. Overall, these changes are expected to improve scalability, strengthen security, and prepare the network for future expansion.

Ethereum Price Rises After Fusaka Upgrade Went Live

The launch of Fusaka has had a positive effect on Ethereum’s price. ETH climbed above $3,000, gaining about 10% in 24 hours after a period of stability. Analysts say the upgrade boosted investor confidence, contributing to the price rise.

The wider crypto market also saw gains. Bitcoin (BTC) rose above $93,000, helping other coins move higher. XRP went up 10%, BNB rose 8%, Solana surged 12%, and both DOGE and ADA gained 12%. This shows that investors are feeling more confident and willing to take risks in the market.

Ethereum Shows Signs of Upward Momentum

Technical analysis supports a positive outlook for Ethereum. A falling wedge pattern on ETH’s daily chart shows that downward pressure is easing, hinting that the price could rise. 

Currently, ETH trades around $3,050 after bouncing off the $3,000 support level. If momentum strengthens near $3,250, the price could move toward $3,500. Analysts suggest Ethereum could eventually reach $5,000. 

On a more bullish note, Tom Lee, President of BitMine, remains optimistic about the future price outlook of Ethereum. Lee predicted that ETH could reach $10,000 per token by year’s end, and potentially climb as high as $60,000 in the long term.

Indicators like the MACD, which recently turned bullish, and the CMF, slightly above neutral, show some buying activity that could support further gains.

Overall, Ethereum may continue rising, but traders should watch key resistance levels and network developments closely over the coming weeks.