What broke Ethereum’s Fusaka upgrade? Prysm post-mortem reveals the cause

Ethereum's price action has been identified as a classic example of Wyckoff accumulation, with recent analysis indicating that it is approaching a significant expansion phase. Currently trading around $3,100, Ethereum has been consolidating between $3,050 and $3,400, reflecting a lack of sustained momentum in either direction.

The cryptocurrency market has recently experienced a modest rebound, with Bitcoin rising 11% and Ethereum gaining 18%, leading to a total market cap of $3.07 trillion. However, market analyst PelinayPA suggests that a bear market may have begun, citing technical indicators despite the recent price increases.

The Ethereum network has seen a significant decline in active addresses, dropping from approximately 483,000 in August to 327,000, marking a seven-month low. This decrease indicates a growing scarcity of activity among market participants, reflecting a negative sentiment in the cryptocurrency space.

Ethereum is maintaining its position above critical support levels as significant investors, referred to as 'smart money', are entering the market, indicating a potential shift in market sentiment. The cryptocurrency is currently coiling below the $3,200 mark, with analysts noting a bullish divergence that has not been seen in over a month, suggesting a possible upcoming price movement.

Ethereum's price has fallen to $3,000 after reaching a high of $3,400 earlier in the week, reflecting a significant bearish trend in the cryptocurrency market. This decline follows a spike in taker volume, indicating increased trading activity amid market volatility.

The XRP ecosystem has made a significant advancement with the launch of Wrapped XRP (wXRP) on the Solana and Ethereum blockchains, enhancing its interoperability and credibility within the cryptocurrency market. This integration allows XRP to leverage the strengths of these major platforms, potentially increasing its utility and adoption.

Ethereum spot ETFs experienced $19.41 million in net outflows on December 12, coinciding with the cryptocurrency's price stagnating near the $3,000 mark. BlackRock's ETHA fund saw inflows of $23.25 million, while Grayscale's products faced combined withdrawals of $36.52 million, highlighting a challenging environment for Ethereum investments.

Solana's network has launched Firedancer, a validator client developed by Jump Crypto, on its mainnet after over 100 days of controlled testing. This launch has prompted a 5% increase in the price of SOL, bringing it close to $140. The Firedancer client is designed to handle heavy workloads and significantly improve transaction processing capabilities, reportedly achieving over 1 million transactions per second in test environments.