Beneath the recent market slump, Ethereum () has been showing signs of growing momentum. Although the ETH price has been falling in the last week, open interest in Ethereum terms has hit a new all-time high on Binance.
Also, Ethereum is approaching 200 million non-empty wallets. This bullish sign suggests a rise in ETH investor activity amidst bearish market conditions. Backed by this, ETH price has remained stable. ETH has found support above $1,650.
Ethereum Non-Empty Wallets Nears 200M
The most striking metric right now is the sheer number of active users. Santiment reports that Ethereum has reached nearly 195 million non-empty wallets. That is, addresses holding a balance of ETH. To put that in perspective, that is 230% higher than Bitcoin’s 59 million.
This growth isn’t just about people holding nothing. Much of this activity is driven by DeFi protocols, staking, and the booming real-world asset (RWA) tokenization sector. These users aren’t just speculating. Users are actively using the network to earn yield, manage loans, and trade.
When adoption climbs this high during a market downturn, it usually suggests that the network’s utility is becoming too big to ignore, regardless of short-term price action.
Ethereum Open Interest Hit Record
While wallets track long-term users, the futures market tells us what traders are thinking right now. On Binance, Ethereum open interest (OI) in ETH terms has hit an all-time high, per CryptoQuant data.
This record is particularly important because it is measured in ETH, not just dollars. A lower price can often inflate dollar-based metrics, but a record in ETH terms means traders are locking in massive amounts of “skin in the game.”
It shows that institutional and retail traders are rebuilding their positions aggressively. When OI spikes like this, it’s a sign that a major move is coming—though it doesn’t guarantee which direction.
ETH Price Stabilizes Above $1,650
As of June 11, 2026, Ethereum is trading around $1,670. ETH is up by more than 2.4% on the daily chart, per CoinMarketCap. This rally comes after weeks of strong downtrend that caused ETH to test lower levels.
ETH has now found some stabilty above the $1,650 mark. ETH is showing some resilience against the broader market sell-off that hit U.S. stocks this week.
While a move above $1,650 is a positive sign for short-term holders, the path back to $2,000 remains steep. The market is still waiting for a major catalyst to provide the fuel needed to cause a change in market trend.
ETH Technical Indicators Are Mixed
The technical indicators, as highlighted on Investing.com still put ETH in a grey zone. It is currently a bit of a headache. While the short-term moving averages suggest a Buy, the longer-term 50-day and 200-day moving averages are still flashing Sell.
The daily RSI is sitting at 30.414, which is firmly bearish. For now, the mixed signals from ETH technical indicators tell traders to watch the broader macro trend. Traders should watch the $1,680 resistance level closely; a clean break above that could flip the indicators back to bullish.