Ethereum traded in a tight range around $3,390 on November 9, 2025, as the market consolidated after a volatile week. Investors are weighing mixed signals from U.S. spot Ether exchange-traded funds (ETFs) against growing anticipation for the network’s major “Fusaka” upgrade, which is scheduled for December 3.

ETF Flows and Shifting Market Dynamics

Recent activity in U.S. spot ETH ETFs highlights a fragile investor appetite. After seeing modest net inflows of $12.5 million on November 6, the funds experienced a significant net outflow of $46.6 million the following day. This back-and-forth suggests uncertainty among large-scale investors. Adding to the pressure on liquidity, new reports indicate that retail traders in Korea are shifting their focus from cryptocurrencies to AI-related stocks, reducing trading volumes for major assets like ETH.

Derivatives Market Poised for Change

The derivatives landscape could soon offer new tools for traders. Cboe is planning to launch “continuous” futures for both Bitcoin and Ether on November 10, pending final regulatory approval. These instruments are designed to function as a U.S.-regulated equivalent to perpetual swaps, potentially broadening hedging strategies and influencing the broader market structure for Ethereum.

The Fusaka Upgrade Looms

The most significant near-term catalyst is the Fusaka mainnet upgrade, which the Ethereum Foundation has confirmed for December 3, 2025. The centerpiece of this release is PeerDAS, a data-availability sampling method intended to dramatically expand data capacity for rollups. This technical improvement is expected to reduce transaction costs on Layer 2 networks, a critical step for scaling the ecosystem. With the date now set, traders are debating how much of this positive development is already factored into Ethereum’s current price.

Price Analysis and Network Health

After a week of volatility, Ethereum has established a clear trading range between $3,300 and $3,500. The price briefly dipped as low as $3,331 before recovering, showing that the $3,300 level is acting as immediate support. Despite the recent turbulence, ETH remains approximately 31% below its all-time high of around $4,953, which was reached on August 24, 2025. On-chain, network transaction fees, or gas, remained unusually low, which can encourage user activity but also slows the rate at which ETH is burned through transaction fees.

Key Dates on the Horizon

Traders are keeping a close watch on several upcoming events. The potential launch of Cboe’s continuous futures on November 10 could impact market liquidity. On November 13, the release of the U.S. Consumer Price Index (CPI) will provide a key macroeconomic signal for all risk assets. Finally, all eyes will be on the Fusaka mainnet activation on December 3 to see how its scaling improvements affect network demand and Layer 2 fees.

Outlook: A Market in Balance

Ethereum is currently marking time as it digests conflicting market signals. While choppy ETF flows reflect caution, the upcoming Fusaka upgrade presents a powerful long-term catalyst. For now, the price appears anchored within the $3,300 to $3,500 band. A decisive breakout will likely require a clear trigger, such as a sustained return of ETF inflows or concrete evidence that Fusaka’s enhancements are driving a new wave of on-chain activity.

Disclaimer: The information provided in this article is for informational purposes only and does not constitute financial advice, investment advice, or any other sort of advice. You should not treat any of the website’s content as such. Always conduct your own research and consult with a professional financial advisor before making any investment decisions.

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