Analysts say a break above 1.0 in the buy/sell ratio could launch Ethereum toward the $3,500 to $4,000 level.
Ethereum (ETH) traders snapped back into action this week as buyer aggression climbed to its strongest reading since early August, according to the latest Binance futures data.
The move follows the Fusaka network upgrade, activated on December 3, which appears to have shifted mood across derivatives and on-chain metrics almost immediately.
Market Sentiment Flips Following Upgrade
According to pseudonymous analyst CryptoOnchain, the Taker Buy/Sell Ratio for ETH futures on Binance jumped to 0.998, marking the metric’s highest level since early August and representing a sharp reversal from recent lows around 0.945.
“This rebound from the lows (0.945) shows that futures traders view the Fusaka update as a bullish catalyst and are actively accumulating long positions,” stated the analyst. “Although the price is still hovering around $3,130, the acceleration of this ratio has outpaced the price itself, acting as a leading indicator.”
They also noted that a break above the 1.0 level would strongly suggest the recent corrective period has ended, and kickstart a run “toward the $3,500 to $4,000 targets.”
Spot market data also seems to support the shift. As noted by Arab Chain, the Cumulative Volume Delta (CVD), which tracks net buying and selling pressure, has shown positive movements with Ethereum trying to stabilize above $3,100. This, according to the firm, points to new liquidity entering the market.
Furthermore, so-called shark wallets, holding between 1,000 and 10,000 ETH, have been key drivers, with their accumulation helping push the price to a three-week peak of $3,230 yesterday.
The upgrade was preceded by a record-setting spike in network activity on November 26, when total gas used hit 215 billion, indicating heavy pre-upgrade positioning by users and developers.
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Institutional Divergence and Future Price Trajectory
While futures traders and large holders are showing renewed interest, there still exists a significant divergence in institutional demand. Data from Bitwise revealed a steep drop in purchases by public Digital Asset Treasuries (DATs).
Their monthly accumulation fell 81% from August to November 2025, dropping to 370,000 ETH last month. Observers have linked this dip to challenging market conditions that have reduced the buying power of these corporate entities.
However, some prominent commentators are staying optimistic regarding the long-term path of the world’s second-largest cryptocurrency despite this institutional cooling.
One of them, Fundstrat’s Tom Lee, while at the Binance Blockchain Week in Dubai, forecasted a potential rise to $20,000 for ETH by 2026, tied to an expected boom in real-world asset tokenization. This outlook suggests that fundamental utility, rather than short-term treasury flows, may dictate the next major cycle.
Currently, the asset is trading around $3,130, reflecting a modest 3.3% gain over the past week but remaining down about 6% for the month.
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