Ethereum has slipped below $2,300 to $2,284, down about 2% in 24 hours, with RSI around 51 and MACD nearing neutral; immediate resistance is near the 100-day EMA at $2,354 and $2,388 while supports sit at $2,274 and $2,211. The Ethereum Foundation said on May 11 developers accelerated the Glamsterdam hard fork with multiple devnets and tests of ePBS and Block-Level Access Lists to curb MEV, raise gas throughput toward a 200 million gas floor and boost Layer 1 scalability and DeFi adoption, but these protocol upgrades have not yet arrested near-term price pressure.

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Ethereum is one of the worst performers among the top 10 cryptocurrencies by market cap as it has lost 2% of its value in the last 24 hours.

The bearish performance comes despite some important developments within the Ethereum ecosystem.

Ethereum developers ramp up work on Glamsterdam upgrade

ETH is trading below $2,300 on Tuesday after losing 2% of its value over the past few hours.

The bearish performance comes despite the Ethereum Foundation revealing on Monday that its developers made significant progress on Ethereum’s upcoming Glamsterdam hard fork during a recent interoperability event held in Svalbard, Norway.

According to the Foundation’s latest Protocol Cluster update released Monday, development efforts accelerated through expanded testing initiatives and multiple live devnets as engineers continue preparing the network’s next major upgrade.

Glamsterdam builds on the Fusaka upgrade introduced in December and combines changes across Ethereum’s consensus and execution layers.

The upgrade is set to improve Layer 1 scalability, decentralization and overall network efficiency.

One of the central features planned for Glamsterdam is Enshrined Proposer-Builder Separation (ePBS), a mechanism designed to improve the handling of maximal extractable value (MEV).

The proposal would allow validators to outsource block construction more securely and efficiently while reducing centralization risks tied to MEV extraction.

Developers are also introducing Block-Level Access Lists (BALs), which require more advanced state access declarations during block execution to improve efficiency and execution predictability.

Furthermore, Ethereum contributors are continuing efforts to significantly increase the network’s gas throughput.

The Foundation said Glamsterdam will support Ethereum’s long-term push toward a 200 million gas floor on the base layer, aided by optimizations tied to ePBS, BALs, and EIP-8037 state repricing.

According to the Foundation, testing efforts intensified during the recent interoperability event in Norway.

At the event, developers explored early prototypes tied to future upgrades, including Hegota and native account abstraction functionality.

The Ethereum Foundation confirmed that several Glamsterdam devnets are now active as multi-client testing continues across the ecosystem.

The organization added that the interoperability sessions helped improve coordination between client teams while accelerating work on execution-layer and consensus-layer compatibility.

Ethereum price forecast

The ETH/USD 4-hour chart remains bearish and efficient as Ether has underperformed over the past few days.

At press time, ETH is trading at $2,284 and could drop below the previous week's low (PWL) of $2,270 if the selloff persists.

The Relative Strength Index (RSI) is around 51, indicating a fading bullish momentum. The MACD lines are also approaching the neutral zone as the buyers slowly lose control.

If the bullish trend resumes, immediate resistance would be seen at the 100-day EMA around $2,354, followed by the horizontal barrier at $2,388.