$ETH at $2,356—are you boarding?

Nasdaq takes it as a treasury reserve, the ETF has been aggressively sweeping up for 7 straight days totaling $127 million, and the Glamsterdam upgrade aims to cut Gas fees by 78%—but what about the price? In the past 6 hours, it dropped directly by 3.14%, from 2,400 down to 2,356; trading volume shrank by 43.6%, and the MACD negative value keeps getting worse as it stretches.

First, look at the surface: good news piled up like a mountain, but the price can’t hold.

In the past 6 hours, ETH’s price fell 3.14%, and trading volume was slashed in half. The MACD histogram dropped from 0.957 all the way down to 9.909, as bearish momentum keeps getting stronger. The technical indicators tell you one thing: it still needs to churn in the short term, but someone is quietly at work.

First thing: institutions are going crazy, and the ETF has seen net inflows for 7 consecutive days.

On April 17, the Ethereum spot ETF recorded a net inflow of $127 million. Fidelity and BlackRock led the charge. Nasdaq-listed company Intchains Group directly took 8,040 ETH and staked it, as part of the company’s treasury strategy.

Second thing: the upgrade is here, and Gas fees will be cut by 78%.

The Glamsterdam upgrade has entered its most critical testing phase, with a Q2 2026 launch. It integrates ePBS with parallel execution, targeting 10,000 TPS, and Gas fees are set to drop by 78%. This is the most heavyweight architecture upgrade since Merge.

Third thing: on-chain data is insanely strong.

In Q1 2026, on-chain transaction volume hit a new all-time high of 200 million, the highest in 3 years. A mysterious whale just withdrew 32,007 ETH from exchanges, the staking ratio hit a record high, and long-term holders are unmoved.

On one side: institutions are snatching it up like crazy, the upgrade is landing, and on-chain data is exploding.

On the other side: prices are grinding lower, trading volume is shrinking, and those big whales are dumping.

The key level is $2,323—this is the last bottom line for bulls and bears.

If you’re a short-term trader: once price holds above $2,323, try a light long position, targeting $2,500 to $2,550. If it breaks below $2,323 and volume picks up, leave decisively.

If you’re a long-term player: add in batches in the $2,200 to $2,323 range, aiming for the first wave to $2,800, and before the upgrade lands, target $3,500. Put your stop loss below $2,000. Institutions are hoarding—what are you rushing for?

ETH is basically like Bitcoin in 2020—retailers are complaining “too slow,” while institutions quietly collect their chips. #山寨币强势反弹 $ETH