Glassnode: Ethereum signals are bullish, but on-chain data shows resistance at $2,900

In May, Ethereum Pectra broke through the realization price after the upgrade, capital inflows but weak on-chain activity, let's take a look at the key resistance points and fundamentals in the future market. (Synopsis: AAVE soars 22% in the day: TVL breaks $30 billion, Ethereum DeFi is back in glory? (Background added: Lido v3 white paper for public comment: stVaults reinvents Ethereum staking for large institutions) In May 2025, the Ethereum (ETH) market caught the mark. According to on-chain analyst Glassnode, the ETH price broke through the key "realization price"(Realized Price) about $1,900, meaning that the average holder turned a loss. Achieve price breakout ETH price breaks through the "realization price" of approximately $1,900, which represents the cost basis of the average holder. According to Glassnode's analysis, the price is above this line, and the average holder is in profit, which helps reduce selling pressure and boost confidence. The ETH price then rose more than $2,550 from about $1,800, reflecting a positive shift in the market. Pectra Upgrades and Capital Inflows The Pectra upgrade in early May 2025 injected a catalyst into the market, and Ethereum "achieved market capitalization" after the upgrade (Realized Cap) from $240.8 billion to about $244.6 billion, with new capital inflows of about $3.8 billion in a matter of days. This strong rally confirms the market's positive response to the escalation and the recovery of large investor confidence, laying the foundation for the upside. On-chain resistance analysis In addition to the realized price (True "Real Market Mean" is about $2,400 ) and the "Active Realized Price" (Active Realized Price, which is about $2,900 ) It is also an important indicator. According to Glassnode Insights, ETH has broken through the real market average, which is the cost line for active investors, and a breakthrough means new capital inflows. However, an active realisation price of around $2,900 is the key resistance at the moment, and a break above this level will further consolidate market confidence, but be aware of the potential profit-taking selling pressure in this range. Different position size groups such as 100-1,000 ETH ( cost about US$2,225 ) and 10,000-100,000 ETH ( cost about US$1,994 ) also form a potential supply and demand range. Divergence in network activity Despite the positive performance of prices and capital inflows, on-chain activity data has not grown in tandem. According to Bitcoinist, after the Pectra upgrade, the number of new address creations dropped by about 1.8%, the number of returning addresses fell by 8.4%, and the user churn rate also fell by about 8.5%, and the weakness of on-chain activity is worth watching. This divergence between the price and on-chain activity shows that while the market is showing signs of recovery following Bitcoin, it remains to be seen whether the underlying network usage will keep up. Related reports ETHPanda Interview Executive Director Wang Xiaowei: Take you to understand the real Ethereum Foundation Lido v3 white paper for public comments: stVaults reinvents Ethereum staking for large institutions Vitalik New proposal for Ethereum expansion: Gas Limit reduces node demand and creates some stateless nodes "Glassnode: Ethereum signals bullish, but on-chain data shows resistance of $2,900" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".