Ethereum (ETH) Sustains Momentum Above $2,300 Amid $248M ETF Inflow Surge

Key Highlights

• Ethereum futures open interest climbed 26% to reach $25.4 billion
• Spot Ethereum ETFs in the US attracted $248 million in net capital over 10 trading days
• Bitmine Immersion purchased $312 million in ETH, expanding holdings to 4.87 million tokens
• Funding rates for ETH have turned negative on multiple occasions, reflecting bearish trader sentiment
• Weekly decentralized application revenue on Ethereum fell to $11 million from February’s $24 million

Ethereum is currently trading above the $2,320 mark after recovering from its March 29 bottom at $1,940. The asset has been range-bound around $2,350, facing near-term resistance at the $2,380 threshold.

Open interest in ETH futures contracts jumped 26% to hit $25.4 billion, indicating heightened participation from leveraged traders. This development follows a 10-week period during which the cryptocurrency failed repeatedly to surpass $2,400.

However, despite increased open interest, perpetual futures funding rates for ETH have slipped into negative territory multiple times. This suggests a growing number of traders are establishing short positions rather than long ones. Typically, healthy funding rates range between 5% and 10%.

Exchange-traded funds holding spot Ethereum in the United States recorded $248 million in cumulative net inflows throughout the last 10 days. According to data from Wu Blockchain, these ETFs attracted $67.85 million on April 15 alone.

Mining company Bitmine Immersion (BMNR) disclosed a $312 million ETH acquisition, bringing its total reserves to 4.87 million ETH, valued at roughly $11.46 billion. These holdings currently sit 13% underwater relative to purchase price.

Total assets managed by US-based Ether ETFs now stand at $13.7 billion, representing a decline from the $20.5 billion recorded three months prior.

Decentralized App Revenue Under Pressure

Ethereum’s weekly revenue generated by decentralized applications has contracted to $11 million, down sharply from $24 million observed in early February. Usage has decreased across multiple sectors including memecoins, lending protocols, decentralized trading platforms, and NFT marketplaces.

Alternative blockchain networks such as Hyperliquid and Plasma are capturing market attention, prompting investors to question Ethereum’s ability to maintain dominance in decentralized application deployment.

On-Chain Data Presents Conflicting Picture

On a positive note, Ethereum’s 14-day moving average for total transaction volume has reached an all-time high, maintaining an upward trajectory since March. The count of active wallet addresses has also begun rebounding after touching its lowest level since January.

Staking activity continues to accelerate. From the start of April, the total quantity of staked ETH increased by 550,000 tokens to 39.28 million ETH. For the year to date, staking deposits total 3.29 million ETH.

Meanwhile, total value locked within Ethereum’s DeFi ecosystem remains stagnant at approximately $55.6 billion, suggesting minimal fresh capital deployment.

Technical analyst Crypto Patel highlighted on X that ETH is positioned just beneath an unfilled gap spanning $2,474 to $2,634, identifying this zone as the probable next target. He pinpointed $2,900–$3,050 as the major resistance area, noting that a daily candle close above $3,056 would confirm a complete trend reversal. The analyst designated $1,765 as the crucial support threshold.

From a technical perspective, a tightening triangle formation is developing with overhead resistance positioned at $2,380. A decisive breakout above $2,400 could pave the way toward the $2,500–$2,550 range.

Cumulative ETH staking deposits reached 3.29 million tokens year-to-date as of April 16, 2026.

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