Bearish On-Chain Signal Challenges $3,300 Breakout

[cryptohog]

A key concern highlighted by on-chain analyst CryptoOnchain is the sharp deterioration in Ethereum’s Coinbase Premium Gap. This metric, which compares ETH prices on Coinbase and Binance, has turned deeply negative—signaling weak demand from US institutional investors.

Historically, sustained Ethereum rallies have coincided with a positive Coinbase premium. The current negative reading suggests institutions are staying on the sidelines, making a confirmed breakout above the $3,300 resistance level less likely unless US spot demand improves.

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