Ethereum tried once again to break above the $3,300 mark — and failed. The second-largest cryptocurrency slipped back after the latest attempt, signaling that buyers in the United States may be losing momentum just as institutional demand indicators turn softer.
At the time of writing, ETH was trading around $3,115, down 0.7% over the past 24 hours. Over the previous week, the token moved between $3,008 and $3,293, finishing the period with gains of roughly 3%. Even so, Ethereum remains far from its past peak, still sitting about 37% below the August 2025 high of $4,946.
Trading activity stays calm despite price swings
Market activity has been relatively subdued. Spot trading volume only inched higher, rising 0.7% to $23 billion, hinting that aggressive buyers are not rushing back in.
The derivatives market told a more nuanced story. According to CoinGlass data, derivatives volume climbed 3.8% to $73 billion, while open interest slipped 1.4% to $40 billion. When trading activity increases but open interest declines, it often suggests traders are closing or rotating existing positions instead of opening fresh, leveraged longs — a cautious setup rather than a bullish one.
Coinbase Premium sinks to 10-month low
One of the clearest signs of fading U.S. appetite emerged on-chain.
A January 8 analysis from CryptoQuant contributor CryptoOnchain showed the Coinbase Premium Gap slipping further into negative territory. The 14-day moving average of the metric has dropped to about −2.29, the lowest reading since early February 2025.
The indicator measures the price spread between Coinbase, typically seen as a proxy for U.S. institutional demand, and Binance, which captures broader global trading activity. A negative reading means Coinbase prices are lagging — often a sign that U.S. buying interest is weakening. Historically, stronger rallies tended to coincide with a positive premium, and that pattern has not reappeared yet.
ETF flows echo the cooling sentiment
The cautious tone isn’t just visible on exchanges. U.S. spot Ethereum ETFs recorded $51.5 million in net outflows on January 8, marking the second straight session of withdrawals. Continued outflows have added pressure to near-term sentiment and highlight that large investors remain hesitant.
Technical outlook: still corrective, not trending
From a technical perspective, Ethereum looks trapped in a corrective phase. The daily chart continues to show lower highs, a sign that upward momentum hasn’t fully returned. ETH is still trading below the 50-day moving average near $3,260, which has acted as persistent resistance and capped several rebound attempts.
The price is sitting near the middle of the Bollinger Bands, with repeated rejections near the upper band around the $3,300 resistance area. The slight narrowing of the bands points to a potential larger move ahead, though it does not indicate a clear direction.
Momentum indicators also reflect indecision. The 14-day RSI is near 53, recovering from oversold conditions but still not strong enough to resemble previous extended rallies. Recent green candles have been smaller, underlining that buyers remain selective rather than aggressive.
For bulls, the key level remains unchanged: a clean daily close above $3,300 could flip sentiment and open a path toward $3,500–$3,600. If resistance holds, attention turns back to $3,000–$3,050, with the possibility of a deeper test toward $2,800 if selling pressure intensifies.
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