Ethereum is attempting to reclaim the $2,200 level as market participants react to geopolitical developments that have renewed volatility in risk assets. Analysts note the Coinbase Premium Index for Ethereum edging at around -0.0149, a clearly negative reading that suggests weaker demand from US-based investors. Coinbase is often used as a proxy for institutional and US market activity, while Binance reflects broader global participation, so the negative premium points to buying pressure being stronger outside the US.
Price action remains constrained below key moving averages, indicating the near-term picture remains tilted toward a bearish continuation. ETH is trading roughly between $2,150 and $2,200 after a sharp February decline, with volume spikes concentrated during the sell-off and weaker conviction on rebounds. The 50-day and 100-day moving averages are trending lower, while the 200-day moving average sits higher, reinforcing the broader downtrend. Resistance emerges in the $2,300–$2,400 zone, which would be needed to confirm a more sustained recovery.
Until the Coinbase Premium turns toward zero and US demand reasserts itself, the current rebound lacks broad-based support. Even with active global liquidity, a divergence between exchanges persists, suggesting price action driven by selective participation. If a shift in premium accompanies stronger US inflows, Ethereum could renew upside momentum and verify a more durable recovery.
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