Ethereum (ETH) is trading nearly 65% below its all-time high, with social attention at an almost yearly low even as its largest network upgrade since The Merge approaches within weeks. On-chain data shows roughly 450,000 active addresses daily, while exchange leverage on Binance has seen its deepest contraction since August 2024. Meanwhile, spot volume on OKX surged to $2.09 billion, 49% above its previous yearly high. Analysts highlight a divergence between weak social interest and steady usage, noting that such patterns have often preceded sharp moves. Key price levels are $1,754 resistance and $880 support.
Ethereum is trading at nearly 65% below its all-time high, with attention around the asset at an almost yearly low even as its largest network upgrade since The Merge is due within weeks. In a July 9 post, pseudonymous analyst Wise Crypto noted that the Ethereum network has been processing roughly 450,000 active addresses despite social media discussion sitting near yearly lows.
The upcoming Glamsterdam upgrade could increase Ethereum’s gas limit by three times and cut transaction fees by about 78%. It has also been said that it could lift throughput to about 10,000 transactions per second.
“Major catalyst. Minimal attention,” the market watcher wrote, naming $1,754 as the key level. A sustained move above that area could open the way toward $2,440, while failure to hold support could send ETH back toward $880.
According to CoinGecko data, ETH was trading just a few dollars below that resistance level, having dipped about 1% in 24 hours but gaining nearly 7% over the past week. That quiet backdrop sits alongside unusual exchange data shared by CryptoQuant contributor Amr Taha.
He said that Binance’s 30-day ETH open interest change fell to -594,000 ETH, marking its deepest contraction since August 2024. Around the same time, ETH spot volume on OKX climbed to $2.09 billion, 49% higher than its best reading of the year.
According to Taha, the pairing is notable because a leverage flush alongside rising spot volumes probably means that speculators are leaving the market while spot buyers continue to stack ETH. It does not indicate a broad retreat from the asset.
Ethereum has been rejected at $1,800 three times this week, but Consensys co-founder Joseph Lubin said Wednesday that the “Summer of Ethereum Love is gaining steam.” He pointed to newly launched steward groups like Ethlabs working alongside the Ethereum Foundation, and cited 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%. He called the odds of a fourth consecutive drop statistically low and pointed to the pending CLARITY Act as a potential liquidity driver.
