Ethereum is having a good day, with the cryptocurrency posting a price increase of nearly 9%. The rollout of the Fusaka upgrade is contributing to today’s green numbers. The previous upgrade triggered a fireworks display and a tripling of Ethereum’s price. Could it happen again, or is this a trap?
Make-or-Break Moment for Ethereum #
According to crypto analyst CryptosRus, Ethereum is at a “make-or-break” level. In a post on X, he shares an extensive analysis. Ethereum is sitting right on one of the most important support levels on the chart:
ETHEREUM IS AT A MAKE-OR-BREAK LEVEL$ETH is sitting right on $2,800, one of the biggest support zones on the chart.
Hold it -> room back to $3,300 and even $3,900.
Lose it -> volatility at $2,500 HVN, then a real shot at $2,300.On-chain is flashing a weird mix:
📉 Leverage… pic.twitter.com/duwIzZLNG2— CryptosRus (@CryptosR_Us) December 3, 2025
The $2,800 level has acted as a support level for Ethereum before. If the cryptocurrency, which celebrated its tenth anniversary in 2025, were to drop again, the next support lies at $2,300. A look at the chart indicates that $3,300 and $3,900 are potential breakout levels. This means that if the ETH price breaks through these price levels, it could rise further.
Record High Leverage in Ethereum Positions #
In the same post, CryptoRus shows that the total volume of leveraged positions is at an all-time high. This indicates a fragile market where both strong rallies and deep declines can occur. For instance, a price drop could be lurking when positions are forcibly liquidated.
Many investors are active in the Ethereum market with borrowed money, and this has consequences. Any sharp movement in the ETH price can cause a snowball effect, for better or for worse.
At the same time, open interest has fallen sharply. This is the number of leveraged positions that are still open. Many of these positions disappeared from the market during the crypto crash of October 10, 2025.
The crypto analyst sees two developments: a record amount of leverage versus a “cleaned-up market” where many positions have been liquidated.
Another Crypto Analyst Weighs In #
More crypto analysts are sharing their thoughts. For example, CRYPTOWZRD shared on X that he sees the $3,055 level as a significant resistance for the Ethereum price. He agrees with CryptosRUs that $2,800 forms the support level and that the next resistance is likely around $3,700.
The crypto expert writes that green numbers after declining prices create optimism, but this could also be a “fake-out.” This means the price appears green and gives confidence, but then quickly falls again, and the decline simply continues. The analyst is waiting for the market to offer “a healthy and mature investment opportunity.”