Ethereum Sees Surge in New Users Amid Spot-Driven Price Gains and Regulatory Developments

s has seen a surge in new users as its price climbed above $3,300, driven by spot market demand and reduced leverage exposure. The Ethereum Estimated Leverage Ratio (ELR) has fallen from 0.79 at the beginning of 2026 to 0.66, signaling a shift away from speculative trading. This trend is supported by declining open interest in derivatives markets and the resumption of U.S. spot buying activity.

U.S. investors are playing a key role in this buying activity. The Coinbase Premium Index is approaching a positive reading after a recent price rebound, indicating renewed interest from U.S. investors. Simultaneously, Ethereum ETFs in the U.S. have attracted $305 million in inflows over the past two days, the highest in over a month.

The price trajectory for ETH remains mixed. Ethereum recently faced a potential rejection at the 200-day EMA, which has become a critical resistance level. If ETH fails to hold near the 20-day EMA, it could drop below $2,890. On the other hand, a break above the 200-day EMA would signal bullish momentum and set the stage for a test at $3,470.

Why the Move Happened

The drop in leverage exposure has shifted the focus to spot market investors, especially in the U.S. The Ethereum ELR’s decline, combined with a drop in open interest, suggests that the recent price gains are not fueled by speculative trading but by long-term holders and institutional investors. This has created a more stable price environment.

The return of U.S. buying pressure is also significant. U.S. investors have historically influenced Ethereum prices, and the Coinbase Premium Index's shift toward a positive reading reinforces this trend. ETF inflows further support this pattern, with Ethereum ETFs pulling in $305 million in just two days.

How Markets Responded

The broader market is also reacting to Ethereum’s recent performance. The S&P 500 and Nasdaq are seeing gains driven by the AI boom and strong earnings in the semiconductor industry. U.S. investors have shown continued optimism in the face of volatility, with Ethereum ETFs attracting substantial inflows. UBS forecasts 12% earnings growth for the S&P 500 in 2026, projecting the index could reach 7,300 by mid-year.

Stablecoins remain a key part of the discussion, with Revolut reporting a 156% increase in stablecoin payment volumes in 2025. Ethereum and Tron led this growth, with Ethereum accounting for over two-thirds of the stablecoin volume on Revolut’s platform. This highlights Ethereum’s growing role in real-world payments and its potential to compete with traditional payment methods.

What Analysts Are Watching

Regulatory developments remain a central focus for both investors and market participants. The U.S. Senate's potential closure of the stablecoin affiliate loophole through the CLARITY Act could reshape the stablecoin reward ecosystem. If enacted, this could limit the ability of exchanges to offer platform-funded incentives, potentially affecting Ethereum’s growth through reduced user adoption.

Polygon Labs has also been making strategic moves to strengthen its position in the stablecoin and payment space. The firm is acquiring Coinme and Sequence for over $250 million to expand its infrastructure and payment capabilities. These acquisitions align with Polygon’s broader goal of building a more profitable and scalable stablecoin payment ecosystem.

Investors are also watching Ethereum’s technical indicators. The RSI and Stochastic Oscillator are declining, indicating waning bullish momentum. If Ethereum continues to fail at key resistance levels like the 200-day EMA, it may test lower support levels near $2,890. However, a breakout above this level could confirm a more sustained upward trend.