Ethereum News Today: ZKP Projects Gain as Ethereum's $3K and Dogecoin ETF Outcomes Hang in Balance

The cryptocurrency market is navigating a pivotal juncture as Ethereum (ETH) hovers near its critical $3,000 psychological threshold and the launch of the first U.S. Dogecoin (DOGE) ETF sparks mixed reactions. These developments are reshaping investor sentiment and market dynamics, with Zero Knowledge Proof (ZKP) projects seeing a surge in presale activity as traders recalibrate their strategies.

Ethereum's price has been locked in a tight battle around $3,000, a level that has repeatedly acted as a barrier to upward momentum. On-chain data from Glassnode shows a gradual recovery in active ETH addresses, a leading indicator of renewed interest, while the market cap has edged higher from a 44% drawdown to a 37% decline from all-time highs. Technical analyses highlight the importance of a clean break above $3,000 with strong volume to shift the narrative from bearish to bullish. A failure to reclaim this level risks a retest of support at $2,850–$2,900, potentially exposing the $2,700 zone. Meanwhile, the upcoming Fusaka upgrade, set for December 3, introduces a potential catalyst through PeerDAS, which aims to enhance data availability and scalability.

The Ethereum narrative is further complicated by the broader market environment. While the 200-day SMA at $3,514 remains a distant target, the daily RSI has recovered from oversold conditions, signaling a stabilization phase. However, short-term volatility persists, with the 4-hour chart showing Ethereum testing a descending trendline and Fibonacci levels that could dictate near-term directionality. Analysts caution that without sustained volume and conviction, the price could remain range-bound, delaying a definitive breakout.

In parallel, the debut of Grayscale's Dogecoin ETF (GDOG) on November 24 has drawn attention for its muted performance. Despite forecasts predicting $10–12 million in first-day trading volume, GDOG recorded only $1.41 million, far below expectations. This tepid response reflects cautious investor behavior toward meme coins, even as the ETF offers a regulated on-ramp for traditional investors. The DOGE price, meanwhile, remains stuck near $0.15, with resistance at $0.1540 and a bearish trendline forming on hourly charts. While the ETF's 0% fee waiver for three months or until $1 billion in assets is a strategic move, the underwhelming volume suggests limited institutional appetite.

The Dogecoin ETF's lukewarm reception contrasts with the broader altcoin market's cautious optimism. Ethereum's RSI has climbed to 41 on the daily chart, indicating narrowing bearish momentum, while the MACD indicator triggered a buy signal. However, the presence of two Death Cross patterns-a bearish technical signal-underscores lingering risks. For ZKP projects, this environment has created a unique inflection point. As traders await clarity on Ethereum's $3,000 breakout and Dogecoin's ETF viability, presale activity for privacy-focused protocols is surging. Investors are increasingly prioritizing projects with strong utility and scalability, aligning with Ethereum's post-merge roadmap and the regulatory normalization of crypto assets.

Looking ahead, the interplay between Ethereum's technical levels and the Dogecoin ETF's trajectory will likely dictate short-term market sentiment. A sustained ETH rally above $3,000 could catalyze broader risk-on behavior, while a failure to reclaim this level may deepen the bearish outlook. For DOGE, the ETF's long-term success will hinge on its ability to attract both retail and institutional capital amid a crowded memecoin landscape. In this climate, ZKP projects are capitalizing on the uncertainty, positioning themselves as high-potential alternatives for investors seeking exposure to the next phase of crypto innovation.