High spot activity combined with low leverage suggests that long-term buyers may be replacing speculative traders.
Ethereum (ETH) is trading at nearly 65% below its all-time high, with interest in the asset at nearly a yearly low, even as the network’s biggest upgrade since the merger is set to take place within weeks.
But one analyst who tracks the setup says the gap between weak social interest and consistent on-chain usage is the kind of divergence that often comes right before a cryptocurrency’s sharp moves.
Glamsterdam is getting closer as the data on the chain remains constant
In a July 9 post on X, the pseudonymous analyst Wise Crypto said male The Ethereum network is processing nearly 450,000 active addresses despite social media discussions approaching annual lows.
According to them, the upcoming Glamsterdam upgrade could become a major incentive, considering that it could triple the Ethereum gas limit and reduce transaction fees by about 78%. It was also said that it could raise throughput to around 10,000 transactions per second.
“Major catalyst. Minimal interest,” the market watcher wrote, while identifying $1,754 as an ETH level worth watching. According to them, a sustained move above that area could open the way towards $2,440, while a failure to hold the support could set the world’s second-largest crypto asset back towards $880.
Looking at CoinGecko data at the time of writing, ETH is trading just a few dollars below Wise Crypto’s stated resistance level, having fallen slightly (about 1%) over 24 hours but still gaining nearly 7% over the past week and about 3% over 30 days.
This calm backdrop sits alongside some unusual exchange data subscriber Written by CryptoQuant contributor Amr Taha, who said ETH’s 30-day open interest change on Binance fell to -594,000 ETH earlier in the week, representing the deepest contraction since August 2024. Around the same time, ETH spot trading volume on OKX rose to $2.09 billion, 49% higher than the best reading of the year, which was recorded on February 5.
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According to Taha, the pairing is notable because the influx of leverage combined with rising spot volumes probably means that speculators are leaving the market while spot buyers continue to hoard ETH rather than that there is a widespread pullback from the asset.
Executives are talking about the cycle while traders remain cautious
Ethereum’s price was rejected at $1,800 three times this week, but that didn’t stop Joseph Lubin, co-founder of ConsenSys, from… Saying Wednesday that “the summer of love for Ethereum is gaining momentum,” he noted recently Fired Hosting groups like Ethlabs work alongside the Ethereum Foundation, and cite the network’s 11-year uptime as attractive to institutions.
Analyst Michael van de Poppe adopted a similar tone over the weekend. He argues “The worst period for ETH is over” after the token closed its third consecutive quarterly loss of more than 20%, the first in its history. He described the odds of a fourth straight decline as statistically low and pointed to the pending CLARITY Act as a potential driver of liquidity.
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