Ethereum Draws Spot Buying Ahead of ‘Glamsterdam’ Upgrade as Leverage Falls
Summary
- Ethereum is seeing spot trading increase and leverage decline ahead of the Glamsterdam upgrade, signaling that medium- to long-term buying demand may be entering the market.
- Wise Crypto said the Glamsterdam upgrade could become a major bullish catalyst for Ethereum by improving the gas limit, transaction fees, and TPS.
- On-chain data showed a drop in open interest and a rise in spot trading volume, supporting the view that long-term investors are accumulating Ethereum, while comments that Ethereum’s summer has begun and its worst period has passed added to the constructive outlook.
Forecast Trend Report by Period
Ethereum is attracting medium- to long-term buying interest ahead of the network’s major “Glamsterdam” upgrade, as leverage declines and spot trading rises.
CryptoPotato reported on July 9 that crypto analyst Wise Crypto wrote on X that market attention has fallen to its lowest level of the year, even as on-chain activity remains firm. Wise Crypto said the Glamsterdam upgrade could become a key catalyst for Ethereum’s next advance.
The analyst said the number of active addresses on the Ethereum network is holding at about 450,000. The upgrade could roughly triple the gas limit, cut transaction fees by as much as 78%, and lift transactions per second to about 10,000.
On the technical side, Wise Crypto identified $1,754 as a key resistance level. A break above that level could open the way to $2,440, while failure to hold support could send Ethereum down to $880.
On-chain data also pointed to possible inflows into spot buying. Amr Taha, a CryptoQuant contributor, said the 30-day change in Ethereum open interest on Binance fell by 594,000 ETH, the biggest drop since August last year. Over the same period, spot trading volume on OKX reached $2.09 billion, up 49% from this year’s high.
Taha said rising spot trading alongside the unwinding of leveraged positions may signal that short-term speculators are exiting while long-term investors accumulate Ethereum.
Separately, Consensys co-founder Joseph Lubin recently said “Ethereum summer” is beginning. Analyst Michaël van de Poppe also said Ethereum’s worst period has passed, expressing optimism about the prospect of improving liquidity.
YM Lee
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