Ethereum (ETH) is consolidating around $2,930-$2,950 in mid-December 2025. The expected 95% drop in Layer-2 fees following the completion of the Fusaka update in early December could increase network usage and accelerate DeFi and dApp adoption. While whale accumulations and institutional inflows (including ETF staking confirmations) are giving positive signals, macroeconomic uncertainties and Bitcoin dominance are creating short-term pressure. Technically, the $3,000 psychological support level is critical; a break below it could target the $3,200-$3,300 range.