Ethereum ($ETH) is trading nearly 65% below its all-time high, with near-year lows drawing attention to the asset, even as the largest network upgrade since the merge is scheduled in the coming weeks.
But analysts tracking this setup say the gap between weak social interest and stable on-chain usage is the kind of disconnect that often occurs right before a sudden move in cryptocurrencies.
Gramsterdam approaches as on-chain data remains strong
In a July 9 post regarding
According to them, the upcoming Gramsterdam upgrade could be a major catalyst given that it could triple Ethereum’s gas limit and reduce transaction fees by about 78%. It is also said that throughput could increase to around 10,000 transactions per second.
“Big trigger. Minimal attention,” market watchers wrote, citing $1,754 as a contributing factor. $ETH A level worth watching. A sustained rise above that area could pave the way to $2,440, they said, but failure to sustain support could send the world’s second-largest crypto asset back to $880.
Looking at CoinGecko data at the time of writing, $ETH It is trading just a few dollars below Wise Crypto’s prescribed resistance level, and has fallen only slightly (about 1%) in 24 hours, but is still up nearly 7% over the past week and about 3% over the past 30 days.
This quiet backdrop sits alongside some unusual exchange data shared by CryptoQuant contributor Amr Taha, who said that Binance’s 30-day data is: $ETH Open interest change rate decreased to -594,000 $ETH Earlier this week, it recorded its largest contraction since August 2024. $ETH OKX spot volume increased to $2.09 billion, 49% above this year’s high recorded on February 5th.
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According to Taha, this combination is noteworthy. This is because the leverage flush that accompanies rising spot trading volumes means that speculators exit the market while spot buyers continue to accumulate. $ETH It’s not a huge setback from the asset.
Traders remain cautious while executives talk about cycles
Ethereum has been rejected three times this week at $1,800, but ConsenSys co-founder Joseph Rubin said Wednesday that the “summer of Ethereum love is gaining momentum,” pointing to newly launched governing bodies like Ethlab, which works with the Ethereum Foundation, and citing the network’s 11-year uptime as attractive to institutions.
Analyst Michael van de Poppe echoed this sentiment over the weekend, arguing that “this is the worst time for the world.” $ETH He said the likelihood of a fourth consecutive quarterly decline is statistically low after the token posted three consecutive quarterly losses of more than 20% for the first time in history, and pointed to the pending CLARITY Act as a potential liquidity driver.
