On December 1st, Ethereum (ETH) plummeted alongside the cryptocurrency market, with prices significantly dropping and falling below the $2900 mark. As of the time of writing, the price is around $2830, with a decline of over 5% in the last 24 hours.

Reasons for the market fall

The recent fall is mainly related to market sentiment and external rumors:

· Market Rumors Impact: Unverified news circulating in the market about Federal Reserve Chairman Powell possibly resigning has raised concerns and risk-averse sentiment among investors.
· Policy uncertainty: At the same time, the uncertainty regarding the next Federal Reserve chair nominee has intensified market volatility.

Potential Positive Factors and Market Outlook

Despite the market experiencing a plummet, there are some positive signals within the Ethereum ecosystem:

· Key technology upgrade: The highly anticipated "Fusaka" network upgrade is scheduled for December 3rd, aiming to significantly enhance network processing capability and reduce transaction costs, which is viewed by the market as a long-term positive.
· Institutional Fund Trends: During the price fall, there are indications that large investors (whales) have accumulated in the range of $2950 to $3050, while the inflow of Ethereum ETF funds has also shown some recovery.

Looking ahead, Ethereum's short-term trend may continue to be dominated by macro sentiments such as news related to the Federal Reserve. Whether the upcoming network upgrade can become a new support point for the price is worth paying attention to.

If you want to know what changes the "Fusaka" upgrade will bring, I can provide you with more information.