Key Highlights
- Open interest in ETH futures contracts surged 26%, reaching $25.4 billion
- Spot Ethereum ETFs in the United States pulled in $248 million net inflows across 10 trading days
- Bitmine Immersion purchased ETH worth $312 million, bringing total holdings to 4.87 million ETH
- Funding rates for ETH perpetuals repeatedly fell into negative territory, indicating short-side dominance
- Weekly revenue from Ethereum decentralized applications plummeted to $11 million from February’s $24 million
Ethereum currently trades above the $2,320 mark after recovering from a March 29 bottom at $1,940. Price action has been range-bound near $2,350, facing near-term resistance around $2,380.
The total open interest for ETH futures contracts jumped 26%, settling at $25.4 billion as more market participants enter leveraged trades. This uptick follows ten consecutive weeks where ETH failed to establish support above the $2,400 threshold.
Despite growing open interest figures, perpetual futures funding rates for ETH have crossed into negative territory on multiple occasions. This pattern reveals that short positions outnumber long positions, with traders expressing bearish sentiment. Typically, healthy funding rates range from 5% to 10% annually.
Spot Ethereum exchange-traded funds trading in the United States accumulated $248 million in net inflows during the most recent 10-day period. Data from Wu Blockchain shows that April 15 alone brought $67.85 million into Ethereum ETF products.
On April 15 (ET), U.S. spot Bitcoin ETFs recorded total net inflows of $186 million, with BlackRock’s IBIT posting the largest single-day net inflow at $292 million. Spot Ethereum ETFs saw total net inflows of $67.85 million. SOL spot ETFs recorded total net inflows of $5.36… pic.twitter.com/J1uUzjiHAj
— Wu Blockchain (@WuBlockchain) April 16, 2026
Bitmine Immersion (BMNR) disclosed a major ETH purchase totaling $312 million, expanding its position to 4.87 million ETH valued at roughly $11.46 billion. The company’s holdings currently sit 13% underwater relative to average acquisition price.
Total assets under management for US-based Ether ETFs currently stand at $13.7 billion, representing a decline from the $20.5 billion recorded three months prior.
Decentralized Application Revenue Weakens
Ethereum’s weekly revenue generated by decentralized applications has contracted to $11 million, a sharp retreat from the $24 million level seen in early February. Usage has declined across multiple sectors including meme tokens, lending protocols, decentralized trading platforms, and non-fungible tokens.
Rival blockchain networks such as Hyperliquid and Plasma are capturing market interest, prompting investors to question Ethereum’s ability to dominate future decentralized application growth.
On-Chain Metrics Present Conflicting Picture
On a constructive note, Ethereum’s 14-day moving average for total transaction volume has reached an all-time peak, maintaining an upward trajectory since March. The count of active addresses has also begun rebounding after touching January lows.
Staking activity shows strengthening momentum. Since the start of April, total staked ETH increased by 550,000 tokens to reach 39.28 million ETH. For the year-to-date period, staking inflows total 3.29 million ETH.
The total value locked across Ethereum’s decentralized finance ecosystem remains stagnant at approximately $55.6 billion, suggesting minimal fresh capital deployment into the network.
One Level Will Decide #ETHEREUM Next Big Move: Watch This Closely$ETH dropped hard from $4,800 all the way to $1,765, wiping out almost everyone on the way down. That bottom looks done for now.
Since then, price has been slowly climbing inside a rising channel. Recently we saw… pic.twitter.com/zz3C4ecxVf
— Crypto Patel (@CryptoPatel) April 16, 2026
Market analyst Crypto Patel highlighted on X that ETH is positioned directly beneath an unfilled price gap spanning $2,474 to $2,634, identifying this zone as the probable next upside objective. The analyst marked $2,900–$3,050 as the critical resistance region and stated that a daily candle close exceeding $3,056 would confirm a complete bullish trend reversal. The downside support level was placed at $1,765.
Technically, a tightening triangle formation is developing on the price chart with resistance sitting 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.
