Ethereum Activity Hits ATH Ahead of Major Glamsterdam Upgrade

Ethereum’s on-chain activity has surged to record levels even as price lags, creating a bullish divergence that could presage future gains. ETH trades near $2,320, failing to hold $2,400, while CryptoQuant data shows the 100-day moving average of active addresses at roughly 587,000 — an all-time high. Technical indicators show indecision (RSI neutral, weak MACD) and price is range-bound with support near $2,300 and resistance around $2,400. The upcoming Glamsterdam upgrade (expected June 2026) promises parallel transaction processing and up to ~78% lower gas fees, which could spur further adoption and demand. Market impact: rising fundamentals may underprice ETH today and set the stage for stronger repricing if macro and liquidity conditions improve.