Ethereum is back in the spotlight among investors after spot ETFs recorded ten consecutive days of capital inflows. This development suggests a gradual return of confidence following a sharp decline at the beginning of the year, but it also raises the question of whether this will be enough to trigger stronger price growth.
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ETFs restore confidence, but the market remains cautious
Over the past ten days, a total of $633 million has flowed into spot ETFs on Ethereum. Investors are thus gradually regaining the confidence that was shaken by a 42% price drop at the turn of January and February. Positive sentiment was also bolstered by Bitcoin’s rise toward the $79,000 level, a trend that Ethereum partially rode.
Nevertheless, the price of ETH has failed to significantly break above the $2,400 mark, suggesting that the market currently lacks stronger momentum. Furthermore, the series of inflows ended with a sell-off, indicating that some investors remain cautious and are not ready for more aggressive growth.
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Weaker activity and macro pressures are holding back further growth
One of the main issues remains the decline in activity among decentralized applications. DApp revenue on the Ethereum network has fallen to approximately $13 million per week, representing a nearly 50% drop compared to six months ago. A similar trend is also evident in competing ecosystems, suggesting a broader cooling of the entire segment.
Further warning signs are coming from the derivatives markets, where demand for leveraged long positions has fallen to multi-month lows and the futures premium has dropped significantly below the neutral level. Macroeconomics is also coming into play—uncertainty surrounding the tech sector and investments in AI is increasing caution across markets. While Ethereum maintains a strong position in terms of TVL and infrastructure, without a return of activity and risk appetite, the path to $3,000 remains an open question for now.
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