✅ What’s going right
• Institutional uptake is strong: firms and spot-ETH products are accumulating $ETH ETH in meaningful quantities, creating a demand-supply imbalance. 
• Network / protocol enhancements continue to roll: The upcoming “Fusaka Upgrade” is set for December 3, 2025 and is designed to bring major performance and data-availability improvements to Ethereum. 
• Ecosystem vitality remains high: Despite recent pullbacks, the developer and application ecosystem around Ethereum continues to show strength. 
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⚠️ What’s dragging it
• Price pressure & macro headwinds: $ETH has recently dropped below key support levels (~$3,200) amid broader crypto market risk-off sentiment. 
• Regulatory and interest-rate uncertainty: Some of the downward pressure appears linked to fears that central banks may keep rates higher for longer, making crypto less attractive relative to yield-bearing assets. 
• Volatility remains elevated: While institutional demand is strong, the market still reacts sharply to news and sentiment shifts.
