Ethereum's price rebounded to $3,849 after a significant drop to $3,681 on October 31, which triggered $884.82 million in total liquidations, including $764.39 million in long positions. The recovery was supported by negative funding rates, which are often seen as a bullish indicator. Despite the rebound, CryptoQuant has cautioned about potential short-term volatility due to the presence of over-leveraged long positions. Looking ahead, the upcoming Fusaka upgrade on December 3 aims to enhance Ethereum's scalability by increasing the blob capacity per block.