Ethereum Struggles Below $3,300 as US Demand and ETF Flows Weaken

• The data from CoinGlass revealed that volume surged 3.8% to $73 billion, while open interest fell 1.4% to $40 billion.
• An analysis from January 8 revealed that the Coinbase Premium Gap of Ethereum was delving deep into negative territory.

The price of Ethereum failed one more time to cross the $3,300 mark, having price action obstructed amid cooling U.S. demand. The asset traded around $3,117 at the time of writing, down 6.24% in over one month. 

In the last week, the price of the token hovered between $3,008 and $3,293, concluding the term up around 3%. However, it still remains below its August 2025 peak and around 37% lower than the $4,946 high. 

Trading also remained calm as spot trading volume only rose a bit, going up 0.7% to hover at $23 billion, which highlights the weakening buyer interest. Derivatives indicated a mixed setup. 

The data from CoinGlass revealed that volume surged 3.8% to $73 billion, while open interest fell 1.4% to $40 billion. While trading volume surges but open interest slips, it mostly means traders are moving or terminating positions instead of putting on fresh leveraged bets. 

The In-depth Analysis 

An analysis from January 8 revealed that the Coinbase Premium Gap of Ethereum was delving deep into negative territory. The 14-day moving average of this criterion has slipped to about -2.29, the lowest level hit since February last year. 

The Coinbase Premium Gap keeps a record of the price difference between Coinbase, mostly witnessed as a gauge of U.S. institutional activity, and Binance, which shows trading over the markets of the globe. 

When the gap shifts toward the negative side, it normally shows that purchasing interest on Coinbase is softening. In the last cycles, settled upside shifts seemed to appear when this metric remained positive, and since then the pattern hasn’t returned. 

Exchange-traded fund flows have also followed a similar path. On January 8, U.S. spot Ethereum ETFs witnessed $51.5 million in net outflows, showing a second straight day of withdrawals and adding pressure to short-term sentiment. 

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