Ethereum Falls to $1,730 as Glamsterdam Nears

Even with network activity still running hot, the market is brushing off the upcoming Glamsterdam upgrade as ETH tests a key support zone around $1,754.

Key Takeaways

• Ethereum is trading around $1,730, its lowest level since March 2023, after falling about 65% from its August 2025 all-time high.
• The Glamsterdam upgrade is getting closer, with plans for higher throughput, ePBS, and Block-Level Access Lists, but the market is barely reacting so far.
• Onchain usage remains strong, while sentiment and technical indicators are weak and support around $1,754 is under pressure.

Ethereum is hovering near $1,730 (€1,520), a level not seen since March 2023, after sliding roughly 65% from its August 2025 all-time high. The notable part is that this drop is happening just as Ethereum’s biggest upgrade since The Merge gets closer, yet the market is still showing very little interest.

Glamsterdam Is Getting Little Attention

Glamsterdam is expected to bring some of the biggest changes yet to Ethereum’s base layer, and it will be the network’s first major throughput upgrade since 2022. According to crypto analyst Ted Pillows, it is the most important Ethereum upgrade since The Merge. He says the gas limit could climb from about 60 million to 200 million per block, which would theoretically push throughput to as much as 10,000 transactions per second and cut gas fees by up to 78%.

The upgrade is built around Enshrined Proposer-Builder Separation, or ePBS, and Block-Level Access Lists. Devnet-5 and Devnet-6 are already live, and an internal mainnet target for late August is being discussed. After the Fusaka upgrade in December 2025, which focused mainly on Layer 2 scaling, Glamsterdam is now emerging as the next big Layer 1 milestone.

Usage Stays Strong, Sentiment Does Not

Onchain data is telling a very different story from price action. Glassnode shows the 30-day average of active addresses sitting near 450,000, about the same as in August and September 2025, when ETH was still trading above $4,500 (€3,950). Activity even reached around 740,000 addresses in February 2026, which points to continued heavy network usage.

Sentiment, though, has weakened sharply. Santiment measures ETH social dominance at just 0.587%, one of the lowest readings in more than a year. That suggests a market with little excitement, but also no clear sign of panic selling yet.

Support Around $1,754 (€1,540) Is Under Pressure

From a technical standpoint, Ethereum still looks fragile. On the weekly chart, the price is pressing against the 0.786 Fibonacci support at $1,753.66 (€1,540), a level buyers have managed to defend five times before. The weekly RSI is around 38, which is weak, but not deeply oversold.

The daily chart is not offering much help either. A downward trendline from the all-time high keeps rejecting every bounce, and that same setup is now pinning ETH to the support zone. If that level gives way, the next move could be lower. A weekly close below $1,754 (€1,540) would expose the full retracement near $881.56 (€773), while a recovery would first need to reclaim ground toward $2,438 (€2,140).

For European crypto readers, this matters because Ethereum often helps set the tone for altcoins and DeFi activity across the market. If traders only start pricing in the upgrade later on, the focus could shift away from short-term price moves and back toward network fundamentals and Ethereum's role as the crypto market’s base layer.