Ethereum (ETH) is attempting to bounce from the market\u2019s Q4 correction, retesting the $3,000 barrier once again. As we approach the end of November, some market observers have suggested that the end-of-year rally may still be possible in the coming weeks.<\/p>\n
On Wednesday, Ethereum experienced a 4.4% daily surge, retesting the $3,000 level for the first time in nearly<\/a> a week. The cryptocurrency has been trading within the $2,680-$2,980 price range amid the latest market-wide correction, which also saw Bitcoin (BTC) lose some crucial support levels.<\/p>\n At the start of the week, the King of Altcoins broke above the $2,900 area, attempting to retest the next key resistance over the past two days but ultimately failing to reclaim it. Analyst Ted Pillows highlighted<\/a> this performance, noting that ETH \u201ctapped the $2,950-$3,000 zone again and got rejected.\u201d<\/p>\n Per the post, until Ethereum successfully reclaims this level, \u201cthe chances of a new low are high.\u201d On the contrary, if the cryptocurrency breaks above this zone with strong volume in the coming days, investors could \u201cexpect a rally towards the $3,400 level.\u201d<\/p>\n The analyst also suggested<\/a> that the altcoin could see a remarkable recovery rally next week, driven by the upcoming Fusaka upgrade. As he explained, ETH soared around 50% after the network\u2019s Pectra upgrade in May.<\/p>\n As reported<\/a> by NewsBTC, the upgrade introduced a series of improvements to increase transaction capacity, enhance efficiency, and reduce system stress. Following the implementation, the cryptocurrency rallied from the $1,800 level to the $2,700 area in a week, which was later followed by an 80% jump in Q3 to its latest all-time high (ATH) of $4,946.<\/p>\n Now, the Fusaka upgrade is the network\u2019s biggest update since The Merge and is expected to come on December 3, \u201cto relieve one of the network\u2019s most pressing bottlenecks: data availability for\u00a0rollups,\u201d VanEck explained in October.<\/p>\n Based on this, Ted Pillows suggested that if ETH repeats its post-Pectra performance with the new upgrade, the altcoin\u2019s price could soar above the $4,000 resistance<\/a> in the next few weeks.<\/p>\n Market watcher Merlijn The Trader also suggested<\/a> that Ethereum could see another leg up soon, as it is \u201crepeating a textbook wave structure\u201d it has printed multiple times since hitting the bear market bottom in mid-2022.<\/p>\n \u201cWave 1: Kicked off the cycle. Wave 2: Is shaking weak hands. wave 3: Where parabolas form,\u201d the trader explained on X, noting that ETH could be ending its corrective move and potentially see another rally<\/a> in the coming weeks.<\/p>\n \u201cThis pattern printed 3 times before. Each time, ETH went vertical. Now it\u2019s flashing again,\u201d he stated. Similarly, Micha\u00ebl van de Poppe highlighted<\/a> Ethereum\u2019s trading pair against Bitcoin, affirming that investors should keep an eye on the chart.<\/p>\n Notably, ETH is retesting a multi-month downtrend line resistance against BTC, and could \u201csee a strong breakout upwards in the coming weeks.\u201d \u201cThis cycle is far from over,\u201d van de Poppe added.<\/p>\nEnd-Of-Year Rally Underway?<\/h2>\n