Ethereum Pumps To $3,200 As Fusaka Upgrade Goes Live, Chainlink Recovers 30% As First LINK ETF Goes Live

Following the successful mainnet launch of the Fusaka upgrade, the Ethereum price has surged above $3,200 for the first time since mid-November. ETH/BTC has also broken out of its 3-month downtrend, suggesting that the price of Ethereum could explode over the next few weeks.  

Following its drop to $11.6 on Monday, Chainlink has exploded by more than 30% to trade at $14.6. The Chainlink price pump has been fueled in parts by the recent launch of the first U.S exchange-traded fund (ETF) for LINK, which reached $64 million in total assets on its first day. 

Fusaka Upgrade Fuels Rally To $3,200, ETH/BTC Breakout Suggests Huge Pump

Fusaka, Ethereum’s biggest upgrade since the merge, went live on the mainnet on December 3. The launch of Fusaka brings Ethereum into a new phase of growth, one marked by increased scalability with PeerDAS and potentially lower transactions on the network.

Ether has been pumping with the hype of the upgrade and where it may lead the Ethereum network. The price of Ethereum has gone up by 5 percent over the past 24 hours. Consequently, Ethereum crossed the $3.2k mark for the first time since mid-November.

$3,200 is a critical level for Ethereum. Provided that ETH can invert and retest this point, it would be the beginning of the rally. A rejection here, however, may see it fall to the level of support of $3,000. Nevertheless, some indications show that the Ethereum price may continue its gains.

On the daily ETH/BTC chart, there is a break above a 3-month descending trendline. This trend often marks the beginning of an altseason, which would be headed by Ethereum. The veteran trader, Sykodelic, highlighting a breakout on the 1D RSI, has predicted that the average expected gain is 111%, suggesting that the value of ETH could shoot up to $6,800 by Q1 2026.

Grayscale Chainlink ETF Goes Live, LINK Pumps 30% From Weekly Low

On Tuesday, Grayscale launched the first Chainlink ETF (GLNK) in the United States on NYSE Arca. Bloomberg ETF analyst James Seyffart highlighted the very good opening day for GLNK, as it brought in between $37 million and $41 million in net inflows on its first trading day. 

In addition, the Chainlink ETF reached $64 million in total assets by the end of its debut trading session, with trading volumes of approximately $13 million. As a result of the strong opening session, the price of Chainlink has been surging.

From its weekly low of $11.6, the price of LINK shot up by more than 30% to trade as high as $14.9. However, a rejection at the $15 resistance level has pushed Chainlink back to the $14.5 trading range.

As Chainlink ETF keeps gaining traction, EmilioBojan, one of the leading crypto traders, has pointed out that LINK has come out of a falling wedge. Consequently, the analyst is confident that the price of LINK can soar to $30 and even higher to up to $100 by 2026.

Conclusion

Ethereum and Chainlink are two of the biggest gainers in the crypto market today, thanks to huge developments in their ecosystems. While Ethereum has shot up to $3,200 following the Fusaka mainnet upgrade, Chainlink looks to shoot up to new highs as ETF inflow mounts.