Ether Rallies 15% in Five Days as Glamsterdam Tests and BitMine Buying Support $1,500 Level
Ether (ETH) rose 15% over five days, moving further away from the $1,500 low reached on June 26 and lifting prices toward the $1,800 area. According to Cointelegraph, improving sentiment has been linked to final testing for Ethereum’s Glamsterdam upgrade, targeted for later in 2026, alongside continued Ether accumulation by BitMine Immersion Technologies that has reinforced the $1,500 support level. Over the past 30 days, Ether also outperformed the broader crypto market by 7%, with additional optimism tied to the Digital Assets CLARITY Act, a bill that has faced hurdles in Congress following banking-sector pushback related to stablecoin regulation and potential rewards to holders. In derivatives markets, ETH options positioning showed reduced fear as the 25% delta skew moved away from prior extremes; put options carried a 9% premium over comparable calls, down from about 15% the previous week, while readings above 12% are typically associated with extreme fear.
Ethereum’s rally has also been framed around network development and closer links to traditional finance. Ethereum has faced criticism over scalability that relies on layer-2 rollups and data “blobs,” which lowered transaction fees but intensified debate about long-term data censorship and centralization. Lower base-layer fees have reduced ETH burning, contributing to inflationary supply dynamics. The Glamsterdam upgrade, still in testing, is expected to improve processing speeds by enabling more parallel transaction execution, expand data-handling capacity at higher throughput, and reduce database bloat, with an aim of supporting institutional-grade financial infrastructure. Separately, BitMine Immersion’s ongoing purchases have been cited as a key support factor: the U.S.-listed company added 325,000 ETH over the past month, bringing reserves to 5.74 million ETH, and it continues pursuing a goal of acquiring 5% of existing supply despite $8 billion in unrealized losses on its holdings. Momentum also followed the July 2 launch of Robinhood Chain, an EVM-compatible Ethereum layer-2 built with Arbitrum technology, alongside Robinhood’s rollout of tokenized stock trading in more than 120 countries and integrations with Uniswap, 1inch, and Morpho. While onchain and options indicators were described as somewhat bearish due to low fees and limited options conviction, the report said traditional finance use cases and capacity-focused upgrades underpin a viable path toward $2,000 in the near term.
