Ethereum Activity Hits ATH Ahead of Major Glamsterdam Upgrade
Ethereum is showing signs of a structural shift beneath the surface as on-chain activity surges to record levels despite recent price weakness.
Summary:
- Ethereum price remains under pressure near $2,300.
- Active addresses have reached an all-time high.
- The divergence signals potential long-term strength.
At the time of writing ETH trades around $2,320 after a sharp intraday drop, failing to hold momentum near the $2,400 range.
The disconnect between price action and network fundamentals has created one of the clearest bullish divergences seen in recent cycles. While short-term sentiment remains cautious, underlying usage continues to expand at an accelerating pace.
Network Activity Breaks Records While Price Lags
Data from CryptoQuant shows that Ethereum’s 100-day moving average of active addresses has climbed to roughly 587,000, marking a new all-time high. This metric reflects sustained growth rather than short-term spikes, highlighting consistent user engagement across the network.
Historically, rising active addresses have correlated strongly with price appreciation. Increased usage tends to drive demand for block space, which in turn supports higher valuations. The current divergence breaks that pattern, with activity climbing while price consolidates or declines.
This suggests that Ethereum’s fundamentals are strengthening independently of market sentiment. Users continue to transact, build, and deploy applications even as traders remain cautious. That dynamic often appears during accumulation phases rather than late-cycle speculation.
At the same time, technical indicators reflect indecision. The Relative Strength Index sits near neutral levels, while the MACD shows limited momentum. Price structure remains range-bound, with support forming near $2,300 and resistance around $2,400.
Glamsterdam Upgrade Reinforces Long-Term Narrative
Ethereum’s upcoming Glamsterdam upgrade, expected in June 2026, adds another layer to the bullish thesis. The update introduces parallel transaction processing and targets a significant reduction in gas fees, with estimates pointing to cuts of up to 78%.
These changes aim to solve long-standing bottlenecks around scalability and cost. By reorganizing how transactions are processed and validated, the network can handle higher throughput without compromising decentralization.
Glamsterdam builds on earlier upgrades by refining both execution and consensus layers. It also strengthens Ethereum’s ability to support data-heavy applications and high-frequency usage, preparing the network for broader adoption.
Lower fees and faster processing could unlock new demand from users and developers who previously found ETH too expensive. That shift would reinforce the already rising trend in active addresses and overall network usage.
Divergence Points to Potential Undervaluation
From a market perspective, the current setup suggests Ethereum may be undervalued relative to its fundamentals. When network activity expands while price stagnates, it often signals that the market has yet to fully price in growth.
This type of divergence has historically preceded upward re-pricing phases. As fundamentals and price realign, assets tend to move quickly once sentiment shifts.
However, the timing of such a move remains uncertain. Macro conditions, liquidity flows, and broader crypto sentiment will continue to influence short-term price direction.
For now, Ethereum presents a contrasting picture: muted price action paired with record-breaking usage. That combination highlights a market in transition, where underlying adoption continues to build even as price consolidates.
If the trend in active addresses persists and upcoming upgrades deliver expected improvements, Ethereum could be positioning for a stronger move once market conditions stabilize.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Alexander Zdravkov
Reporter at CoinsPress
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 10,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
