The longed-for Ethereum recovery towards the psychological mark is currently hindered by a notable absence of fresh capital. According to recent data from Glassnode, new address activity remains stagnant in late November 2025, which is concerning. This suggests that the asset relies excessively on old holders without managing to attract new participants to the ecosystem.
With the price oh Ethereum trading around $2,814, on-chain metrics present mixed and challenging signals. On one hand, the Fusaka update, scheduled for December 3, 2025, promises to optimize data throughput. However, new address growth is stationary, indicating weak demand that hampers the necessary bullish momentum. Although tokenized assets on the network exceed $7.4 billion, external buying volume is lacking. Additionally, scalability improvements like Dencun aim to elevate the technical utility of the network.
Will technical improvements reignite the interest of institutional investors?
The current scenario reveals a palpable disconnect between the protocol’s technological advances and the market’s reaction. On the other hand, reduced global liquidity acts as a brake for institutional and retail investors alike. Likewise, regulatory uncertainty transforms the $3,000 level into a liquidity barrier that is difficult to overcome. Without a constant flow of external capital, the conviction of HODLers loses strength and its multiplier effect fades quickly. Thus, the blockchain needs to demonstrate clear benefits and real adoption to change this trend.
Technically, the price faces considerable pressure in key resistance zones, specifically at $2,920. Furthermore, significant movements of ETH towards exchanges suggest potential incoming volatility and the risk of reactive selling. Moving averages have turned sideways, while Bollinger bands anticipate sharp movements. If the immediate supports of $2,770 are broken, a severe bearish retest could occur towards lower levels close to $2,000. Joseph Lubin has noted that large actors could take advantage of this nervousness to operate strategically.
To achieve a sustainable and lasting rise, it is crucial that demand from new addresses reactivates soon. The Ethereum recovery now depends on how the market receives the upcoming technological update in December. If it fails to attract new capital and fresh investors, current accumulation will only serve as temporary support but will not guarantee new highs. The market remains expectant to see if the Fusaka update will alter the supply dynamics.
