Ethereum Price Forecast: ETH Headed for $3500 as Positive Indicators Converge

Highlights:

• Ethereum gains after pushing through the $3048.6 resistance with high volumes
• Rally now puts $3500 in focus in the short term
• Fusaka upgrade and the end of QT could send Ethereum to new highs 

Ethereum (ETH) is in the green today, a reflection of bullish sentiment across the cryptocurrency market. At the time of going to press, Ethereum was trading at $3070.13, up by 8.7% in the day. Ethereum trading volumes are also on the rise during the day. They are currently up by 17.85% in the day to stand at $29.93 billion.

The fact that volumes are rising alongside Ethereum’s price is a positive indicator that bulls are taking control. That’s because it means new money is coming in, anticipating even higher prices going into the future. The rising optimism around Ethereum has a solid grounding to it, and there is a good chance that Ethereum could soon rally to new all-time highs. 

Confluence of Positive Macro Factors Could Push Ethereum Higher

One of the factors likely to push Ethereum higher is the macro setup. Everything necessary at the macro level is aligning perfectly for cryptocurrencies. The Federal Reserve recently announced the end of quantitative tightening, which is a big deal in terms of long-term market liquidity.

At the same time, the FOMC is coming up between December 10 and 11. There is a growing consensus that the Federal Reserve will cut rates. Even better is that in 2026, the Federal Reserve will have a new Chairman.

The seesaw in Fed rate cut expectations continues. The fine balance has tilted back towards a rate cut in December following dovish remarks from New York Fed President Williams. pic.twitter.com/0faLvTlJhF

— Standard Chartered UAE (@StanChartUAE) December 3, 2025

President Trump has already announced that he has eyes on a potential successor to Jerome Powell. Since Trump has been calling for rate cuts throughout his presidency, the odds are high that whoever he picks will likely lean dovish for the most part.

The result is that all-risk on assets could be prepped for a rally that could go for the rest of the Trump presidency. For Ethereum, which tends to benefit heavily from cryptocurrency market rallies, this liquidity injection could send it to prices above $10,000. As the macro environment gets better, bullish momentum could keep getting stronger.

Fusaka Upgrade Drawing In Long-Term Investors to Ethereum

Ethereum is also primed for more gains thanks to the Fusaka upgrade. The upgrade is going live on the mainnet today and brings multiple benefits to the Ethereum network long term. One of the more notable upgrades is the increase in gas limit to 60 million gas per block. This is a significant improvement to Ethereum as it allows Ethereum to handle more transactions per block. It’s a perfect upgrade as Ethereum continues to gain mainstream adoption.

TLDR of today's Fusaka upgrade on ETH 👇

Time: ~5PM EST

Actions to take: Nothing for holders – Validators need to upgrade clients

Upgrades:
🫧 Blob space expansion – PeerDAS massively increases rollup data capacity while reducing disk and bandwidth load for most nodes,… pic.twitter.com/zkN15rzuuU

— rciv (@rcivNFT) December 3, 2025

Another aspect of the Fusaka upgrade that could push Ethereum higher is the Peer Data Availability Sampling. This allows validators to verify data without having to download the entire blockchain. This is expected to drop validator bandwidth requirements by up to 85%, significantly increasing throughput. 

The Fusaka upgrade is also set to cut Ethereum Layer 2 transaction costs by up to 60%. This is a big deal as it could significantly reduce network congestion, especially in peak transaction times. Overall, Fusaka is adding to the intrinsic value of Ethereum, and the same is likely to reflect in the price over time. The intraday price action is likely an early indicator of the price going up to catch up with the fundamentals. 

Technical Analysis – Ethereum Rallies Through Resistance

Ethereum is gaining upside momentum after rallying through the $3048.6 resistance in the last 24 hours. If this momentum continues, then a rally to $3500 could follow in the short term. 

On the other hand, if the bulls lose momentum, two scenarios could play out. The first is a possible consolidation above $3048.6, which is now support. The second is a strong bear wave pushing Ethereum through $3048.6 and down to the $2821.0 support.

Of these scenarios, the odds are higher for a rally to $3500, and higher. That’s because of the confluence of bullish factors such as the Fusaka upgrade and a macro environment that is increasingly risk-on.