According to ChainCatcher, Ethereum has continued its downward correction since Wednesday. Analyst CryptoOnchain highlighted a key bearish signal: the 14-day moving average of the Coinbase price premium gap has dropped to -2.285, the lowest level since February 2025, indicating weak institutional demand in the U.S. The Coinbase price premium gap reflects the price difference between the U.S. institutional market and the global retail market. A negative value suggests insufficient buying interest. Meanwhile, Ethereum spot ETFs have continued to experience outflows, with $98.45 million in outflows recorded on January 7—the first outflow of 2026. Analysts warned that unless the Coinbase price premium turns positive and U.S. spot market demand returns, the likelihood of Ethereum breaking through the $3,300 resistance remains low. However, Morgan Stanley has submitted an application for an Ethereum spot ETF, and technical indicators have shown bullish signals such as a hidden bullish divergence and a narrowing Bollinger Band. The market's direction remains uncertain.
Ethereum Meets Resistance at 3300 USD as Coinbase Premium Turns Negative
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Summary
Ethereum's price today remains below the 3,300 USD resistance level as bearish momentum continues. The 14-day average Coinbase premium reached -2.285, the lowest since February 2025, indicating weak U.S. institutional demand. Ethereum spot ETFs experienced outflows of $98.45 million on January 7, 2026, marking the first outflow of the year. A negative Coinbase premium and weak U.S. buying pressure suggest that the 3,300 USD resistance level is unlikely to be broken without a reversal. However, Morgan Stanley's Ethereum ETF application and technical indicators such as a narrowing Bollinger Band hint at potential upside.
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