Ethereum (ETH) experienced a dramatic price surge this week, surpassing $3,200 price point on Tuesday thanks to aggressive buying behavior from large investors who signaled renewed trust in this second largest cryptocurrency.

According to data from analytics firm Santiment, Ethereum's growth can be largely attributed to what are known as "shark wallets", or investors with between 1,000 and 10,000 ETH in their holdings valued at millions. This group has been identified as being key in driving positive movements throughout 2018. In addition, user demand increased rapidly with over 190k wallets being added in just one day reflecting strong underlying interest in ETH.
<h2>Fusaka Announces Major Network Upgrade</h2>
[embed]https://twitter.com/vitalikbuterin/status/1996342458234605895[/embed]

Price momentum coincided with an important development milestone for blockchain, the successful launch of Fusaka upgrade. This latest network hard fork, comprising both "Fulu" consensus layer and "Osaka" execution layer upgrades, was one of two significant upgrades rolled out during 2025.

Fusaka's primary focus lies in increasing data availability for Layer 2 rollups like Arbitrum, Optimism and Base on Ethereum's L2 chain. By expanding data capacity this upgrade aims to deliver cheaper and faster transaction speeds throughout all of L2, increasing Ethereum's practical utility considerably. When activated it was met with great delight from network leaders.

<a href="https://www.cryptoknowmics.com/news/vitalik-buterin-advocates-for-open-source-tech-to-solve-global-challenges/">Vitalik Buterin</a> took to social media to offer high praise, writing "Congratulations to all the Ethereum researchers and core devs who worked tirelessly over years to make this successful launch possible. This success provides a solid fundamental basis for recent price surges driven by whales."

Ethereum Reached $3,200 as Shark Accumulation Increases.

ETH broke $3,200, driven by "shark wallet" accumulation and coinciding with the launch of the major Fusaka upgrade focused on Layer 2 scaling.

Ethereum Reached $3,200 as Shark Accumulation Increases.

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