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<p class="MsoNormal" style="margin: 0 0 11px; line-height: 106%; font-family: Aptos, sans-serif; font-size: 15px;">FUNDAMENTAL OVERVIEW</p><p class="MsoNormal" style="margin: 0 0 11px; line-height: 106%; font-family: Aptos, sans-serif; font-size: 15px;"> </p><p class="MsoNormal" style="margin: 0 0 11px; line-height: 106%; font-family: Aptos, sans-serif; font-size: 15px;">Ethereum's Glamsterdam upgrade activates on the Sepolia testnet today. The upgrade is focused on scaling Ethereum's L1. The market will be watching the testnet for successful activation, bugs or implementation problems and progress toward the mainnet deployment. Ethereum is targeting mainnet for Q4 2026, so a mainnet date could itself become a catalyst. </p><p class="MsoNormal" style="margin: 0 0 11px; line-height: 106%; font-family: Aptos, sans-serif; font-size: 15px;">Glamsterdam is important for Ethereum because it is designed to increase the network’s capacity and scalability. The increased capacity could ultimately lead to additional network usage and demand for Ethereum blockspace that translates into greater economic value. </p><p class="MsoNormal" style="margin: 0 0 11px; line-height: 106%; font-family: Aptos, sans-serif; font-size: 15px;">On the macro side, we’ve got a dovish repricing recently in Fed interest rate expectations after Fed’s Williams and Fed’s Jefferson pushed back against an October rate hike. Moreover, the softer than expected US NFP report on Friday reduced the probabilities for a near-term Fed action further, with traders now pricing just a 21% chance of a hike in October.  </p><p class="MsoNormal" style="margin: 0 0 11px; line-height: 106%; font-family: Aptos, sans-serif; font-size: 15px;">Given a very light calendar this week, the focus will likely remain on US-Iran developments. If we get a breakthrough, we can expect oil prices to drop significantly and give Ethereum a boost on lower rate hike expectations and positive risk sentiment. Another escalation, on the other hand, will likely send crude oil higher and weigh on the crypto market.</p><p class="MsoNormal" style="margin: 0 0 11px; line-height: 106%; font-family: Aptos, sans-serif; font-size: 15px;"> </p><p class="MsoNormal" style="margin: 0 0 11px; line-height: 106%; font-family: Aptos, sans-serif; font-size: 15px;">ETHEREUM TECHNICAL ANALYSIS – DAILY TIMEFRAME</p><p></p><p>On the daily chart, we can see that <a href="https://www.tradingview.com/symbols/ETHUSD/" rel="follow" style="color: rgba(70, 120, 134, 1); text-decoration: underline;">Ethereum</a> is finally testing the major upward trendline. This is where we can expect the buyers to step in, with a defined risk below the trendline, to position for a rally into the 3,000 level. The sellers, on the other hand, will want to see the price breaking lower to pile in for a drop into the 2,360 support next.</p><p class="MsoNormal" style="margin: 0 0 11px; line-height: 106%; font-family: Aptos, sans-serif; font-size: 15px;">ETHEREUM TECHNICAL ANALYSIS – 4 HOUR TIMEFRAME</p><p></p><p>On the 4 hour chart, we can see the price briefly probed above the 2,740 resistance last week but eventually gave back all the gains. We still have a range between the 2,740 resistance and the 2,630 support. Even if we get a break of the trendline, the price might still bounce around the support as the buyers might try to defend the last line before a potential selloff to 2,360. </p><p>In the meantime, we can expect the buyers to continue to lean on the trendline to position for a rally into new highs and increase the bullish bets on the break of the resistance. The sellers, on the other hand, will look for a break below the trendline to pile in for a correction into the 2,360 level and increase the bearish bets on a break below the 2,630 level. </p><p class="MsoNormal" style="margin: 0 0 11px; line-height: 106%; font-family: Aptos, sans-serif; font-size: 15px;">ETHEREUM TECHNICAL ANALYSIS – 1 HOUR TIMEFRAME</p><p></p><p>On the 1 hour chart, we have a minor downward trendline defining the recent pullback into the major trendline. The sellers will likely continue to lean on the downward trendline, with a defined risk above it, to keep pushing into new lows. The buyers, on the other hand, will look for a break higher to increase the bullish bets into new highs.</p><p class="MsoNormal" style="margin: 0 0 11px; line-height: 106%; font-family: Aptos, sans-serif; font-size: 15px;">UPCOMING CATALYSTS</p><p class="MsoNormal" style="margin: 0 0 11px; font-family: Aptos, sans-serif; line-height: 103%; font-size: 15px;"><a href="https://investinglive.com/EconomicCalendar" rel="follow">Tomorrow</a>we have the FOMC meeting minutes. On Thursday, we get the latest US Jobless Claims figures. On Friday, we conclude the week with the University of Michigan Consumer Sentiment survey.</p> This article was written by Giuseppe Dellamotta at investinglive.com.