Ethereum price has failed another attempt to move past $3,300, with price action stalling amid cooling U.S. demand.
- Ethereum failed to reclaim the $3,300 resistance despite modest weekly gains.
- On-chain data points to fading U.S. institutional demand as the Coinbase Premium Gap drops to a 10-month low.
- Derivatives positioning and ETF outflows suggest traders are still cautious, keeping downside risks in play.
ETH was changing hands near $3,115 at press time, down 0.7% over the past 24 hours. Over the last week, the token has traded between $3,008 and $3,293, ending the period up about 3%. Ethereum (ETH) is still well below its August 2025 peak, about 37% below the $4,946 high.
Trading has also been fairly calm. Spot trading volume only rose slightly, up 0.7% to $23 billion, which points to weakening buyer interest.
Derivatives revealed a mixed setup. CoinGlass data showed volume rising 3.8% to $73 billion, while open interest slipped 1.4% to $40 billion.
When trading volume goes up but open interest falls, it often means traders are shifting or closing positions rather than putting on fresh leveraged bets.
Coinbase Premium Gap falls deeper
On-chain signals added to that caution. A Jan. 8 analysis from CryptoQuant contributor CryptoOnchain showed Ethereum’s Coinbase Premium Gap falling deeper into negative territory. The 14-day moving average of this metric has dipped to around −2.29, its lowest level since early February 2025.
The Coinbase Premium Gap tracks the price difference between Coinbase, often seen as a gauge of U.S. institutional activity, and Binance, which reflects trading across global markets. When the gap turns negative, it generally imdicates that buying interest on Coinbase is softening.
In past cycles, sustained upside moves tended to appear when this metric stayed positive. That pattern has not returned.
Exchange-traded fund flows tell a similar story. U.S. spot Ethereum ETFs saw $51.5 million in net outflows on Jan. 8, marking a second straight day of withdrawals and adding pressure to short-term sentiment.
Ethereum technical analysis
Ethereum appears to be stuck in a corrective phase. Lower highs are still visible on the daily chart, which shows a lack of strong upward momentum. Recent recoveries have all been short-lived. Price action is still below the 50‑day moving average near $3,260, which has repeatedly limited upside moves.
ETH is in the middle of the range of the Bollinger Bands. The price has repeatedly turned away from the upper band, which is close to the $3,300 resistance zone. Band width has narrowed slightly, a setup that often precedes a larger move but does not indicate direction by itself.
Momentum indicators are holding steady at a neutral level. After recovering from oversold conditions, the 14-day relative strength index is near 53, though it hasn’t matched the strength seen in extended rallies. Recent green candles have also been smaller, indicating that buyers are still cautious and selective.
A clean daily close above $3,300 would improve the outlook and shift attention toward the $3,500–$3,600 zone. If that level continues to hold, downside focus shifts back to the $3,000–$3,050 area, with deeper risk toward $2,800 if selling pressure builds.
