Key Highlights
- Open interest in ETH futures surged 26%, reaching $25.4 billion
- Spot Ethereum ETFs in the US attracted $248 million in net capital over 10 days
- Bitmine Immersion purchased $312 million in ETH, bringing total holdings to 4.87 million ETH
- Funding rates have fallen below 0% on multiple occasions, indicating bearish sentiment among traders
- Weekly DApp revenue on Ethereum has declined to $11 million from February’s $24 million
Ethereum is currently trading above $2,320 following a recovery from the March 29 low of $1,940. The digital asset has been trading in a consolidation phase around $2,350, facing immediate resistance near $2,380.
Open interest in ETH futures contracts climbed 26%, hitting $25.4 billion as more market participants opened leveraged positions. This increase follows 10 consecutive weeks where bulls failed to push prices beyond the $2,400 threshold.
Despite growing open interest, perpetual futures funding rates for ETH have slipped into negative territory multiple times. This suggests short positions are dominating, with more traders wagering on price declines rather than gains. Typically, healthy funding rates range between 5% and 10%.
Spot Ethereum exchange-traded funds in the United States recorded $248 million in cumulative net inflows during the last 10 trading days. April 15 alone saw $67.85 million flowing into Ethereum ETFs, based on data from Wu Blockchain.
Bitmine Immersion (BMNR) disclosed a $312 million Ethereum purchase, expanding its position to 4.87 million ETH valued at roughly $11.46 billion. The company’s holdings are currently sitting 13% underwater relative to their average acquisition price.
Total assets under management for US Ether ETFs currently stand at $13.7 billion, representing a decline from $20.5 billion recorded three months earlier.
Revenue from DApps Continues Sliding
Ethereum’s weekly revenue generated from decentralized applications has dropped to $11 million, a significant decrease from the $24 million recorded in early February. Declining activity has been observed across memecoins, lending protocols, decentralized exchanges, and NFT marketplaces.
Rival blockchain networks such as Hyperliquid and Plasma are capturing investor attention, raising questions about Ethereum’s ability to maintain dominance in future DApp development and usage.
On-Chain Indicators Present Contradictory Outlook
On a positive note, Ethereum’s 14-day moving average for total transactions reached an all-time high, showing consistent upward momentum since March. Active wallet addresses have also begun recovering after touching their lowest levels since January.
Staking activity continues to expand. Throughout April, an additional 550,000 ETH has been staked, pushing the total to 39.28 million ETH. Since the start of the year, staking inflows have accumulated to 3.29 million ETH.
Meanwhile, total value locked across Ethereum’s DeFi ecosystem remains stagnant at approximately $55.6 billion, suggesting minimal fresh capital deployment into the network.
Market analyst Crypto Patel highlighted on X that ETH is positioned just beneath an unfilled price gap spanning $2,474 to $2,634, which he views as the probable next target. He pinpointed $2,900–$3,050 as a crucial resistance area, noting that a daily candle close above $3,056 would confirm a complete trend reversal. He identified $1,765 as the critical support level to watch on the downside.
Technically, a narrowing triangle formation is developing on the price chart with overhead resistance at $2,380. A decisive breakout above $2,400 could pave the way toward the $2,500–$2,550 range.
As of April 16, 2026, year-to-date ETH staking inflows totaled 3.29 million ETH.
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