Ethereum Price Eyes Glamsterdam Upgrade Milestone as Long-Term Moving Averages Come into Focus

The Ethereum Foundation has started testing the Glamsterdam upgrade on the Plataberget testnet as part of its preparations for a wider launch. This comes ahead of the August 20 fork, which is seen as an important step in the development process.

The upgrade aims to bring changes to various parts of the network, including gas pricing, block production structure, transaction capacity, and smart contract limits. However, it's essential to note that this is still a testing phase, and the Plataberget testnet is not the main launch point.

Ethereum price prediction is also in focus as traders watch long-term moving averages. A key level around $2,500 has been identified, with a market commentator suggesting that a weekly close above this level would confirm the end of the ETH bear market and allow Ethereum to reclaim its 200-week simple and exponential moving averages.

However, if the price fails to hold its current position, there is a possibility of a retest at $1,900. The Ethereum Foundation's upgrade is seen as a significant development in the crypto market, with network activity also drawing attention due to its large-scale stablecoin transfer volume exceeding $70 trillion.