Between 22:00 and 23:00 UTC on June 7, 2026, the price of ETH saw a clear spike, with a return rate of +4.35%. The price ranged from 1,629.14 to 1,708.86 USDT, with a 4.88% amplitude. Market volatility intensified, and trading sentiment warmed up rapidly.
The main driver behind this move was the resonance between a technical oversold rebound and expectations for the Glamsterdam upgrade. In early June, ETH was already at a notably low level; on the 14th, RSI was close to an oversold threshold of 33.56, and the futures market showed a clear long-dominated position (absorbing $50.63M liquidations in 24 hours versus $10.96M for shorts). Technical rebound conditions were well set. At the same time, expectations that the Glamsterdam upgrade could be activated as early as June continued to build momentum; the upgrade includes major improvements such as increasing Layer 1 throughput to 10,000 TPS and expanding gas limits by 3.3 times, and any timetable confirmation could trigger significant volatility.
Second, on-chain leveraged buy signals provided direct liquidity support. On June 6, a whale borrowed $142M from Aave to buy 87,680 ETH, about one day before the price spike, indicating that off-exchange capital was probing into the market with high leverage. In addition, while ETF flows faced pressure from a $401.62M net outflow in May, there was a $355.98M net inflow in April; marginal improvement expectations offered some uplift to sentiment. Ongoing accumulation by long-term holders (Hodler net positions have remained green since February 2025) also provided bottom support.
On the risk side, the current price is still trading below the 200-day EMA ($2,509), and the mid-term downtrend has not been confirmed as reversed. If May’s ETF net outflows persist, they will continue to weigh on the price; June historical seasonality has been weak (7 down closes out of the past 10 years); and the whale that made the leveraged buy on June 6 faces a $1,354 liquidation risk—if the price falls further, it could trigger a chain of liquidations. Key support to watch is $1,964, and on-chain fund flow direction alongside the Glamsterdam upgrade timeline are the core indicators for the next phase.
