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▲ Ethereum (ETH)/AI-generated image
Market interest in Ethereum (ETH) has cooled to its lowest level this year, but on-chain activity is holding steady. As leverage declined ahead of the Glamsterdam upgrade, spot trading surged, making the breakthrough of $1,754 a key price level that will determine the possibility of a rise to $2,440.
According to cryptocurrency media outlet Cryptopotato on July 10 (local time), anonymous analyst Wise Crypto stated that while social media discussions related to Ethereum are nearing their lowest level of the year, approximately 450,000 active addresses are being maintained on the network. Ethereum remains about 65% below its all-time high, but the clear discrepancy between market interest and on-chain usage resembles patterns seen just before sharp price movements in the past, the analysis noted.
Wise Crypto identified the Glamsterdam upgrade as a major catalyst for Ethereum's rise. This upgrade is discussed as potentially tripling the gas limit, lowering transaction fees by about 78%, and boosting processing performance to approximately 10,000 transactions per second. Wise Crypto assessed it as "a powerful catalyst, with almost no interest" and presented $1,754 as a key price level. He analyzed that a sustained breakthrough of this level could open the way to $2,440, but a failure to hold support could push it down to $880.
Conflicting fund flows were observed in the derivatives and spot markets. According to CryptoQuant contributor Amr Taha, Binance's 30-day change in Ethereum open interest fell to -594,000 ETH earlier this week, marking the largest decrease since August 2024. During the same period, OKX's Ethereum spot trading volume increased to $2.09 billion, 49% higher than this year's peak recorded on February 5. Taha suggested that spot buyers might be continuously accumulating Ethereum while speculative forces are leaving the market.
Despite Ethereum's ascent being halted three times at $1,800 this week, optimism from industry figures continued. Joseph Lubin, co-founder of Consensys, stated that "the summer of Ethereum love is gaining momentum," citing collaborations between Ethlabs and the Ethereum Foundation, and an 11-year track record of network operation as factors attracting institutional investors. Analyst Michaël van de Poppe also commented that "Ethereum's worst times are over" after it recorded its first-ever decline of over 20% and fell for three consecutive quarters.
Van de Poppe noted that the possibility of a fourth consecutive quarterly decline is statistically low and pointed to the US crypto market structure bill as a potential liquidity catalyst. Wise Crypto, while monitoring the Glamsterdam upgrade, on-chain activity, and the increase in spot trading, presented $1,754 as the key price level that will determine Ethereum's direction.
[Key Summary of the Article]
-Market interest related to Ethereum is nearing its lowest level of the year, but approximately 450,000 active addresses are being maintained on the network.
-The Glamsterdam upgrade is discussed as potentially tripling the gas limit and lowering transaction fees by about 78%.
-Wise Crypto suggested a potential rise to $2,440 if $1,754 is broken, and a potential fall to $880 if support fails.
*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*
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