Quick Overview
- Ethereum futures open interest surged 26%, reaching $25.4 billion
- Spot Ethereum ETFs in the US attracted $248 million in net capital over 10 consecutive days
- Bitmine Immersion purchased $312 million in ETH, bringing total holdings to 4.87 million ETH
- Funding rates for ETH have fallen into negative territory several times, indicating bearish sentiment
- Weekly DApp revenue on Ethereum fell to $11 million from February’s $24 million
Ethereum has maintained trading levels above $2,320 following a recovery from the March 29 bottom at $1,940. The digital asset continues to consolidate around $2,350, facing near-term resistance at the $2,380 mark.
Open interest in ETH futures contracts jumped 26%, pushing the total to $25.4 billion. This increase reflects heightened leveraged trading activity, even as the asset has struggled for 10 consecutive weeks to overcome the $2,400 threshold.
Despite growing open interest, perpetual futures funding rates for ETH have slipped into negative territory on multiple occasions. This pattern suggests that short positions outnumber long positions, with more traders wagering on price declines. Typically, healthy funding rates range from 5% to 10%.
Spot Ethereum exchange-traded funds listed in the United States recorded $248 million in combined net inflows during the last 10 trading days. Data from Wu Blockchain shows that on April 15 alone, these ETFs captured $67.85 million in fresh capital.
Bitmine Immersion (BMNR) disclosed a $312 million Ethereum acquisition, 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-based Ether ETFs currently total $13.7 billion, representing a decline from the $20.5 billion recorded three months earlier.
Revenue from DApps Continues Sliding
Ethereum’s weekly revenue generated by decentralized applications has contracted to $11 million, down sharply from the $24 million recorded in early February. The decline spans multiple categories including memecoins, lending protocols, decentralized exchanges, and non-fungible tokens.
Emerging blockchain platforms such as Hyperliquid and Plasma are gaining traction, prompting investors to question Ethereum’s ability to maintain dominance in future decentralized application growth.
On-Chain Data Presents Contrasting Picture
On a positive note, Ethereum’s 14-day moving average for total transaction count has reached an all-time high, maintaining upward momentum since March. Active wallet addresses have also begun rebounding after touching their lowest levels since January.
Staking activity shows strength. Since the start of April, the total amount of ETH locked in staking contracts has increased by 550,000 ETH, bringing the total to 39.28 million ETH. Year-to-date staking additions have reached 3.29 million ETH.
Meanwhile, total value locked across Ethereum’s DeFi ecosystem remains stagnant near $55.6 billion, suggesting minimal fresh capital deployment into the network.
Market analyst Crypto Patel highlighted on X that Ethereum is positioned just beneath an unfilled price gap spanning $2,474 to $2,634, identifying this range as the probable next target. He pinpointed $2,900–$3,050 as the major resistance zone and stated that a daily close above $3,056 would confirm a complete trend reversal. The analyst marked $1,765 as the crucial support level on the downside.
Technically, a tightening triangle formation is visible on the price chart with resistance positioned at $2,380. A decisive break above $2,400 could pave the way toward the $2,500–$2,550 zone.
As of April 16, 2026, cumulative ETH staking inflows for the year have totaled 3.29 million ETH.
