Key takeaways:<\/strong><\/p>\n Ether (ETH) struggled to trade above $2,400 on Thursday, but consistent inflows into Ethereum spot exchange-traded funds (ETFs) reflect the bulls\u2019 attempt to regain momentum. Ether’s price rallied alongside Bitcoin\u2019s (BTC) recovery to $79,000, prompting traders to question whether ETH will attempt a run to $3,000.<\/p>\n Spot ETH ETF daily net flows, USD. Source: SoSoValue<\/em><\/p>\n On Wednesday, the ETH spot ETFs completed 10 consecutive days of net inflows, totaling $633 million. This shows that traders are gradually reclaiming confidence after ETH abruptly fell by 42% between Jan. 28 and Feb. 6. The cryptocurrency market crash reduced interest in decentralized applications (DApps), which proved especially burdensome for ETH investors.<\/p>\n Weekly DApps revenue by chain, USD. Source: DefiLlama<\/em><\/p>\n DApp revenues on the Ethereum network dropped to $13 million per week in April, nearly 50% lower than six months prior. However, the decline in decentralized exchange (DEX) volumes has also plagued other major competitors to a similar extent, including Solana, BNB Chain, and Hyperliquid. The aggregate weekly blockchain DApps revenue has fallen to $73 million, down from $130 million in October 2025.<\/p>\n Despite recent bullish momentum, ETH is down 22% year-to-date in 2026, while the broader cryptocurrency market capitalization is down 14%. Ether\u2019s underperformance<\/span><\/a> may be interpreted as a buying opportunity, especially as the Ethereum network remains the leader in total value locked (TVL) and its layer-2 solutions have gained significant market share in DEX volumes.<\/p>\n Regardless of the ETF inflows, the demand for bullish leveraged ETH positions has plummeted to its lowest level in four months.<\/p>\n ETH 2-month futures basis rate. Source: <\/em>Laevitas<\/em><\/span><\/a><\/p>\n The annualized ETH monthly futures premium relative to regular spot markets (basis rate) dropped to 1% on Thursday, well below the 4% neutral threshold. Still, it is incorrect to assume that professional traders are bracing for downside solely due to a lack of confidence in derivatives markets. The uncertain macroeconomic environment might explain trader skepticism, especially after major tech companies’ quarterly earnings disappointed investors.<\/p>\n IBM (IBM US) shares dropped<\/span><\/a> nearly 10% on Thursday due to investor concerns regarding increased competition from the artificial intelligence sector, according to Yahoo Finance. In parallel, Morgan Stanley trimmed<\/span><\/a> its price target on Oracle (ORCL US) due to uncertainty in the margin profile and buildout costs of the company\u2019s expanding investment in AI computing data centers.<\/p>\n Related: <\/strong><\/em>BlackRock drives 7-day Bitcoin ETF inflow streak as BTC nears $80,000<\/em><\/span><\/a><\/p>\n ETH vs. BNB, SOL, AVAX. Source: <\/em>TradingView<\/em><\/span><\/a><\/p>\n Ether\u2019s potential bullish momentum likely depends on reduced risk aversion<\/span><\/a> toward cryptocurrencies, as its price chart relative to some competitors shows striking similarities. The recent spot Ether ETF inflows, while relevant, are not enough to justify a decoupling, especially as activity in the DApps sector has yet to show signs of improvement.<\/p>\n There is no indication that ETH is bound for $3,000, but the Ethereum network seems well-positioned to capture an eventual pickup in demand for decentralized computation.<\/p>\n<\/div>\n\n
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<\/figure>\n<\/p>\nEthereum well-positioned to capture demand for DApps<\/h2>\n
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