Key Highlights
- Ethereum futures open interest climbed 26% to reach $25.4 billion
- Spot Ethereum ETFs in the United States attracted $248 million in net inflows during the last 10 trading days
- Bitmine Immersion purchased $312 million in ETH, bringing total holdings to 4.87 million ETH
- Funding rates for ETH perpetuals have fallen below 0% on several occasions, indicating bearish sentiment
- Weekly DApp revenue on Ethereum declined to $11 million from $24 million recorded in February
Ethereum currently trades above $2,320 following a recovery from the March 29 low of $1,940. The asset has entered a consolidation phase around $2,350, facing near-term resistance at the $2,380 level.
Open interest in ETH futures contracts expanded by 26% to $25.4 billion, reflecting increased participation in leveraged trading positions. This growth follows 10 consecutive weeks where attempts to breach the $2,400 threshold proved unsuccessful.
Alongside the open interest expansion, perpetual futures funding rates for ETH have dropped into negative territory on multiple occasions. This dynamic suggests short positions are outnumbering long positions among traders. Typical market conditions see funding rates ranging from 5% to 10%.
Spot Ether exchange-traded funds listed in the United States accumulated $248 million in net capital inflows throughout the past 10 trading sessions. April 15 alone witnessed $67.85 million flowing into Ethereum ETFs, based on data from Wu Blockchain.
Bitmine Immersion (BMNR) disclosed a $312 million acquisition of ETH, expanding its total position to 4.87 million ETH valued at roughly $11.46 billion. The company’s holdings currently sit 13% underwater relative to purchase price.
Assets under management for US Ether ETFs total $13.7 billion, representing a decline from the $20.5 billion recorded three months earlier.
DApp Revenue Experiences Downturn
Ethereum’s weekly revenue from decentralized applications has contracted to $11 million, down from the $24 million level observed in early February. Usage has decreased across multiple sectors including memecoins, lending protocols, decentralized exchanges, and NFT platforms.
Alternative blockchain networks such as Hyperliquid and Plasma have gained traction among investors evaluating Ethereum’s ability to secure future DApp market share.
On-Chain Metrics Present Divided Picture
Positive developments include Ethereum’s 14-day moving average for total transactions reaching an all-time high, with the metric trending upward since March. Active wallet addresses have begun recovering after touching their lowest level since January.
Staking activity shows acceleration. Total ETH staked has increased by 550,000 ETH since the beginning of April, pushing the total to 39.28 million ETH. Year-to-date staking inflows have accumulated to 3.29 million ETH.
Total value locked across Ethereum DeFi protocols remains stable near $55.6 billion, suggesting limited fresh capital deployment into the ecosystem.
Crypto analyst Patel highlighted on X that ETH trades just beneath an unfilled price gap spanning $2,474 to $2,634, identifying this range as the probable next target. He outlined $2,900–$3,050 as the crucial resistance zone, stating that a daily close exceeding $3,056 would confirm a complete trend reversal. The downside threshold sits at $1,765 according to his analysis.
Technical patterns reveal a narrowing triangle formation on the price chart with resistance positioned at $2,380. A successful breakout above $2,400 could establish a trajectory toward the $2,500–$2,550 range.
As of April 16, 2026, ETH staking inflows for the year totaled 3.29 million ETH.
