Ethereum is trading at nearly 65% below its all-time high, with attention around the asset at an almost yearly low. Despite this, an analyst notes that the gap between weak social interest and steady on-chain usage could signal a sharp move for the cryptocurrency. The Ethereum network has been processing roughly 450,000 active addresses, according to pseudonymous analyst Wise Crypto.
Upgrade Details
The upcoming Glamsterdam upgrade could increase Ethereum’s gas limit by three times and cut transaction fees by about 78%. It may also lift throughput to about 10,000 transactions per second, potentially becoming a major catalyst for the asset.
Market Analysis
Wise Crypto noted that a sustained move above $1,754 could open the way toward $2,440, while failure to hold support could send ETH back toward $880. At the time of writing, ETH was trading just a few dollars below this stated resistance level, having gained nearly 7% during the past week. Exchange data shared by CryptoQuant contributor Amr Taha shows that Binance’s 30-day ETH open interest change fell to -594,000 ETH, marking its deepest contraction since August 2024.
Institutional Interest
Consensys co-founder Joseph Lubin said that the “Summer of Ethereum Love is gaining steam,” pointing to newly launched steward groups and the network’s eleven years of uptime as a draw for institutions. Analyst Michaël van de Poppe argued that “the worst period for ETH is over” after the token closed out its third straight quarterly loss of more than 20%, a first in its history.
Based on reporting from crypto.news.
