Foreign media, citing on-chain analysis, reported that Ethereum plans to push forward with the Glamsterdam upgrade in the third quarter of 2026, focusing on improving transaction processing efficiency and network capacity. However, at this stage, the market is more concerned about Bitcoin's price movement and whether funds from both inside and outside the market are truly flowing back in.

Stablecoin deposits increase

CryptoQuant Insights analyst CryptoOnChain stated that Binance has recently seen an increase in net inflows of stablecoins, while ETH continues to flow out of exchanges, leading to a decline in the platform's reserves.

This typically means that potential buyers are still waiting to enter the market, while some holders are more inclined to continue holding rather than sell immediately. The simultaneous appearance of these two data points indicates that the market is not unilaterally bearish.

US buying remains cautious.

However, the article also mentions that the Coinbase premium metric has continued to decline in recent weeks, indicating that US investors' willingness to participate in the price rebound remains weak.

This has left Ethereum in a state of flux: on one hand, there's an outflow of funds from exchanges and a buildup of stablecoins; on the other hand, there's a lack of active buying. If new funds don't enter the market soon, price volatility could continue to amplify.

Bitcoin's loss may drag down ETH.

From a technical perspective, the article believes that ETH's weekly chart still retains a certain rebound framework, but the daily chart shows weakness, having broken below the February low earlier this month, indicating that the short-term trend is still dominated by sellers.

The article states that while ETH may rebound to the $2,100 to $2,260 range, if Bitcoin falls below $60,000 again, the upside potential may be limited, and the price may further decline to around $1,278.