Ethereum breaks through $3300 key level: Coinbase premium gap needs to turn positive

CoinVoice · 2026-01-09T03:25:44+00:00

Ethereum continues to retrace, with analysts pointing out that Coinbase premium gap has narrowed to -2.285, indicating weak institutional demand. ETH spot ETF outflows have intensified and need to turn positive to support a price rebound. Morgan Stanley has applied for a spot ETF, but market uncertainties remain.

CoinVoice

2026-01-09 03:25:44

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CoinVoice has learned that Ethereum continues its correction trend since Wednesday. Analyst CryptoOnchain pointed out a key bearish signal: Coinbase premium gap’s 14-day moving average has dropped to -2.285, the lowest since February 2025, indicating weak demand from US institutional investors. The Coinbase premium gap reflects the price difference between the US institutional market and the global retail market; a negative value suggests insufficient buying interest.

Additionally, ETH spot ETF continues to outflow, recording a first outflow of $98.45 million on January 7 since 2026. Analysts warn that unless the Coinbase premium turns positive and US spot market demand returns, the likelihood of breaking through the $3300 resistance remains low.

However, Morgan Stanley has submitted an ETH spot ETF application. Technical indicators also show hidden bullish divergence and Bollinger Band narrowing, among other bullish signals, so market direction remains uncertain.

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