Ethereum Spot Buying Surges Ahead of ‘Glamsterdam’ Upgrade; Technical Resistance at $1,754 in Focus — BigGo Finance

Ethereum (ETH) is trading roughly 65% below its all-time high, but analysts see a mid-to-long-term buy signal in the growing disconnect between market indifference and robust on-chain activity ahead of ‘Glamsterdam’ — the largest network upgrade in the blockchain’s history. Leveraged speculative positions have cratered while spot trading volumes have soared, indicating accumulation by long-term investors.

Crypto analyst Wise Crypto noted on X on the 9th (local time) that “market attention is at its lowest level of the year, yet the network is consistently processing around 450,000 active addresses,” adding that “the Glamsterdam upgrade could serve as a major upside catalyst.” The upgrade is expected to roughly triple Ethereum’s gas limit, slash transaction fees by up to 78%, and boost transactions per second (TPS) to approximately 10,000.

Through technical analysis, Wise Crypto identified $1,754 (~2.6 million won) as the key resistance level. A decisive breakout above this zone could unlock further upside toward $2,440 (~3.7 million won). Conversely, failure to hold support could see a decline to $880 (~1.3 million won), the analyst warned. According to CoinGecko data, Ethereum was trading near the $1,754 level at the time, down about 1% over 24 hours but up roughly 7% for the week and about 3% for the month.

On-chain data bolstered the bullish narrative. Amr Taha, a contributor at CryptoQuant, reported that Binance’s 30-day change in Ethereum open interest registered a negative 594,000 ETH — the largest decline since August 2024. Over the same period, OKX’s Ethereum spot trading volume reached $2.09 billion (~3.1 trillion won), a 49% increase from the year’s peak. “The mass liquidation of leveraged positions coinciding with rising spot volume indicates that short-term speculators are exiting the market while long-term investors are steadily accumulating Ethereum,” Taha analyzed.

Comments from key figures in the Ethereum ecosystem also reinforced market expectations. Joseph Lubin, co-founder of Consensys, said on the 9th that “Ethereum’s summer is gaining momentum.” He emphasized that the launch of stewardship groups like ‘Ethlabs,’ which collaborates with the Ethereum Foundation, and the network’s 11-year track record of uninterrupted uptime would appeal to institutional investors.

Analyst Michaël van de Poppe offered a similar view. Over the weekend, he assessed that “Ethereum has just gone through its worst period, posting three consecutive quarters of declines exceeding 20% for the first time ever, but that period is now over.” He noted that a fourth consecutive quarterly decline is statistically unlikely and that the ‘CLARITY Act’ currently being advanced could serve as a catalyst for improved liquidity going forward.

Ethereum has faced resistance at the $1,800 level three times this week, but technical anticipation surrounding the Glamsterdam upgrade, combined with signs of improving spot-driven supply-demand dynamics, appears to be capping downside pressure.