Will the upcoming Fusaka upgrade be enough to help Ethereum "to the moon"?

Ethereum – the second largest blockchain in the world – is on track to implement one of the most important upgrades in 2025. Core developers of the protocol have temporarily agreed to set November as the issuance milestone for the hard fork Fusaka, an upgrade expected to improve performance, scalability, and security across the network.

Fusaka: The next milestone in the Ethereum upgrade roadmap

According to the ethPandaOps group – a community dedicated to improving Ethereum – the Fusaka hard fork will include 11 Ethereum Improvement Proposals (EIP), which will be tested through the next devnet this Wednesday. Notably among them are:

However, not all EIPs are approved. EIP-7907, which proposed to double the size of smart contracts and change the gas measurement mechanism, was rejected to avoid slowing down the testing process.

Additionally, the EVM Object Format – a long-controversial upgrade – is also not included in this deployment list, according to developer Tim Beiko.

Fusaka is expected to be publicly tested on two major testnets in September and October, before officially launching on the Ethereum mainnet in early November, coinciding with the Devconnect conference held in Buenos Aires, Argentina (17–22/11).

However, some community members are concerned that this timeline is too rushed. On platform X, a member supporting the Ethereum protocol, Nixo, emphasized:

"If we want to launch before Devconnect, we need an extremely tight schedule. The question is: can the client be completed within the next six weeks?"

Right after Fusaka, the Ethereum community has planned the next upgrade called Glamsterdam, expected to be issued in 2026. The AllCoreDevs – Execution meeting on August 1st will officially confirm which features will be included in this upgrade.

A notable proposal comes from core developer Barnabé Monnot, suggesting that the processing time for each block should be reduced from 12 seconds to 6 seconds, which would provide a smoother user experience and support DeFi applications to operate more efficiently.

At the same time, the Ethereum validator community has shown strong consensus on the proposal to increase the L1 gas limit to 45 million – a move aimed at expanding the network and reducing transaction fees. On X, Vitalik Buterin stated:

"Nearly half of the total staking amount is currently supporting the proposal to raise the L1 gas limit to 45 million."

Can the price of Ethereum go "to the moon"?

Ethereum is experiencing an exciting growth phase, with the RSI index approaching the overbought region and 95% of the supply in profit. This indicates that the market is nearing saturation – a point where buying pressure may begin to weaken. However, despite the warning signals, institutional investors and whales continue to accumulate, while the inflow of funds into spot ETFs remains high – serving as the main driving force pushing the price of Ethereum upward.

A notable point is that the majority of the current trading volume of ETH comes from derivative products. This raises concerns that the market is being "pumped" by leveraged positions rather than actual spot demand. The surge in the underlying price while spot liquidity is not strong enough could make Ethereum vulnerable in the event of a sudden correction.

If large investors suddenly reverse or market sentiment changes, high leverage can amplify the level of decline and trigger a mass liquidation.

ETH/USDT Price Chart | Source: TradingViewOn the weekly chart, Ethereum has broken through two significant lower highs at $2,850 and $3,750 – levels that have acted as resistance since November 2024. The recent breach of the $3,750 level indicates that buying pressure is dominant and market confidence remains very strong.

ETH has risen continuously for 7 sessions, achieving an increase of 27.4% over the week – an impressive figure. However, the price area of $3,750 is considered a high liquidity zone, which could trigger profit-taking pressure and cause a short-term pullback.

However, the technical indicators have not yet shown a clear reversal signal. The RSI has not yet reached the overbought area, while the CMF indicator has not exceeded +0.05 – a sign that capital is still flowing into the market.

Source: CoinglassData from Coinglass shows that two prominent magnetic zones on the liquidation heatmap over the past 12 months are $3,800 and $4,100 – where Long positions may be liquidated or take strong profits. These could be points where the momentum of ETH may pause or even reverse.

On the contrary, the nearest significant liquidity zone is around $2,800 and $2,000 – but currently, the likelihood of retesting these levels is still far off, unless the market faces a major shock from Bitcoin.

The 1-month chart also reinforces the view that ETH still has room for price increases. With liquidity in the south quite sparse, Ethereum is likely to continue targeting the resistance area of $4,100 – which was once the starting point for the prolonged decline back in December 2024.

Source: CoinglassEmma