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Ethereum is trading around $2,400 after a 10% gain over the past month. While derivatives activity has turned more constructive, the ETH/BTC chart continues to show a bearish technical pattern versus Bitcoin. The latest market data highlights improving positioning in futures, strong inflows into Ethereum exchange-traded products, and a supply squeeze from rising staking participation.
Funding rates for Ethereum perpetual futures moved into positive territory, at approximately 0.0031% at the time of analysis. This suggests long positions are outnumbering short positions among traders. The Taker Buy-Sell Ratio has also moved into bullish territory, indicating buy activity is exceeding selling pressure.
Futures open interest increased by about 440,000 ETH within a short timeframe. Measured in ETH terms, open interest has recovered to levels last seen in mid-2025, with the peak reading still roughly 6% above current levels.
Short liquidations have been significant. Over the previous seven days, more than $1.6 billion in short positions were forcibly closed, including nearly $100 million liquidated during a single 24-hour period.
Ethereum-focused ETFs have accumulated close to $494 million in net inflows across eight consecutive trading sessions. Trading volumes rose 25% in the most recent 24-hour period, exceeding 7% of ETH’s total circulating market capitalization.
Staking participation reached an all-time high of 32.33% on April 21. Approximately 39 million ETH is currently locked across 816,578 validators, representing about $90.26 billion in value. This is the first time that more than one-third of Ethereum’s available supply has been committed to staking.
The Ethereum Foundation met its 70,000 ETH staking objective earlier this month. BitMine Immersion Technologies holds 4.976 million ETH, with 3.334 million currently staked. A reduced circulating supply typically translates into less selling pressure in the market.
On the daily timeframe, Ethereum is holding above the 20-, 50-, and 100-day exponential moving averages, clustered between $2,270 and $2,350. The Relative Strength Index stands at 60, a level often interpreted as supportive for buyers.
A break above $2,466 would confirm an ascending triangle formation, setting targets at $2,746 and then $2,831. The 200-day EMA is positioned at $2,650, where observers expect heightened resistance. Clearing this level could open the path toward $3,000.
Against Bitcoin, the technical picture differs. The ETH/BTC pair has been forming a bear flag configuration since February. The pattern’s measured downside projection targets 0.026 BTC, roughly 10% below current levels, with potential follow-through during May.
Near-term downside protection is cited at $2,388, followed by $2,352. Additional support zones are identified at $2,211 and $2,107.
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