Ethereum slips to $1,741 as Glamsterdam advances

Ethereum fell to $1,741 even as major network and institutional demand signals improved.

Ethereum is trading at $1,741.30, down 1.26% in 24 hours, while core developers push the network’s biggest upgrade since the Merge toward testnet rollout. At the same time, BitMine disclosed 5.62 million ETH on its books, and U.S. spot ETH ETFs turned positive again with $22.5 million in net inflows.

Ethereum’s price is lagging the news

The market is doing what crypto often does: ignoring the big structural story until price confirms it. ETH is down on the day, but the network is entering a more mature phase of scaling work, and large holders are still adding exposure.

That split matters because Ethereum is no longer just a speculative asset. It is the settlement layer for a large share of DeFi, stablecoins, and tokenized assets, so the market tends to react to both macro flows and protocol upgrades.

As of June 18, Ethereum’s market cap sits at $210.14 billion, with 120.68 million ETH in circulation and about $14.98 billion in daily volume. The coin is still roughly 64.8% below its August 2025 all-time high near $4,946.

• Price: $1,741.30
• 24-hour change: -1.26%
• Market cap: $210.14 billion
• 24-hour volume: $14.98 billion
• ATH drawdown: about 64.8%

The near-term chart still looks tired. ETH is trading under its 50-day moving average, the daily RSI is below 45, and the MACD histogram remains negative. That is a technical setup for caution, not panic.

Glamsterdam is moving into its final devnet stage

The most important protocol story right now is Glamsterdam, the upgrade tracked under Meta EIP-7773. Core developers say the fork has entered its final devnet phase, which means the full set of planned EIPs is now being tested together before public testnets.

Parithosh Jayanthi, a DevOps engineer at the Ethereum Foundation, said the team is working on devnets with all the EIPs included and that this is the last phase before hardening and shipping the testnets. That is the kind of statement Ethereum watchers care about because it shows the upgrade is no longer a paper design.

“We’re working on devnets with all the EIPs in them right now. This is the last phase before we work on hardening and then shipping the testnets.” — Parithosh Jayanthi, Ethereum Foundation

Glamsterdam bundles ten Ethereum Improvement Proposals, but two of them do most of the heavy lifting. EIP-7732 introduces enshrined proposer-builder separation, while EIP-7928 adds block-level access lists to support parallel transaction execution.

The numbers attached to the fork are aggressive. The gas limit is set to rise from 60 million to 200 million per block, throughput is targeting 10,000 transactions per second, and standard fees are projected to fall by about 78.6%.

• 10 EIPs included in the fork
• Gas limit target: 60 million to 200 million per block
• Throughput target: 10,000 TPS
• Projected fee reduction: about 78.6%

Mainnet timing is still open, but the usual Ethereum upgrade cadence suggests a public testnet period of two to four months before launch. That puts a realistic mainnet window between September and December 2026, with some developer notes pointing to a late-August base case.

BitMine is turning Ethereum into a balance-sheet asset

BitMine Immersion Technologies is now one of the loudest public ETH buyers in the market. In a June 14 SEC filing, the company said it holds 5.62 million ETH, worth about $9.7 billion at current prices, and 4.7 million of those tokens are already staked.

That staking pile is worth roughly $8.1 billion and is generating an estimated $219 million a year. For a treasury company, that is a meaningful income stream, and it also signals a long-term bet on Ethereum’s monetary and infrastructure role.

Tom Lee, who chairs BitMine, has tied the thesis to two things: Wall Street’s push into tokenization and the rise of agentic AI systems that need neutral public blockchains. That is a cleaner argument than the usual “number go up” pitch, because it links ETH demand to actual use cases.

• BitMine holdings: 5.62 million ETH
• Share of circulating supply: 4.66%
• Already staked: 4.7 million ETH
• Estimated annual staking income: $219 million
• Recent financing: $274 million preferred stock offering

BitMine is not building this position alone. The company says it has backing from ARK’s Cathie Wood, Founders Fund, Pantera, Kraken, and Galaxy Digital, which helps explain why this treasury strategy keeps getting attention from both crypto traders and traditional finance desks.

ETF flows and whale buying are back on the same side

The ETF tape improved too. U.S. spot Ethereum ETFs recorded $22.5 million in net inflows over the latest reporting period, including $9.59 million on June 16, which ended four straight days of outflows.

BlackRock’s ETHA remains the category leader, with an estimated 60% to 70% market share and roughly $11 billion to $12 billion in assets under management. Across all U.S. spot ETH ETFs, cumulative net inflows now sit near $11.97 billion.

That flow picture matters because it gives Ethereum a second demand channel outside native crypto buyers. When ETF inflows and whale accumulation line up, ETH usually gets a stronger bid than when only one side is active.

• Latest ETF inflows: $22.5 million
• June 16 inflows: $9.59 million
• Cumulative net inflows: about $11.97 billion
• Total ETF assets: $15.86 billion
• ETHA share: about 60% to 70%

On-chain data adds another layer. Wallets linked to Tom Lee and Arthur Hayes bought more than 32,000 ETH in two days, worth about $57 million, while nearly 500,000 ETH left centralized exchanges in the week ending June 14, according to analyst Ali Martinez. That is the kind of supply squeeze traders watch closely.

ETH still has a narrow trading range

For now, the chart is boxed in. ETH has support around $1,700 and resistance between $1,750 and $1,800, which means the market is waiting for a clean break before it picks a direction.

A daily close above $1,750 to $1,800 would open a path toward $2,000, the level Tom Lee has described as a psychological marker for confirming “crypto spring.” If ETH loses $1,700, the next obvious area is $1,600, which has acted as a demand zone since the June pullback from $2,400.

That is why this setup feels more like a coiled spring than a trend. The fundamentals are getting stronger, but the price still needs proof.

• Support zone: $1,700
• Resistance zone: $1,750 to $1,800
• Upside trigger: daily close above $1,800
• Downside risk: $1,600
• Next psychological target: $2,000

Analyst targets remain all over the map. Standard Chartered has a $7,500 year-end target, Citigroup sees $3,175, Arthur Hayes has floated $10,000, and Tom Lee has talked about a very wide long-term range. That spread tells you one thing clearly: Ethereum is still a fight between valuation math and conviction.

Ethereum’s next move depends on execution, not headlines

The important question now is whether developers can keep Glamsterdam on schedule while institutional buyers keep absorbing supply. If testnets go smoothly and ETF inflows hold up, ETH has a path back toward the $2,000 area faster than the chart currently suggests.

If those two forces fade, the market will keep treating Ethereum as a story with strong fundamentals and weak price action. For traders, the next checkpoint is simple: watch the $1,700 support line and the first clean daily close above $1,800.

For builders, the bigger takeaway is even simpler. Ethereum’s next phase will be judged less by headlines and more by whether the network can ship higher throughput without losing the decentralization that made it valuable in the first place.

Related reading: what blockchain is and how it works.